What Happened?
Shares of PCB manufacturing company TTM Technologies (NASDAQ: TTMI) jumped 2.3% in the afternoon session after the stock surpassed its average analyst 12-month price target and reached an all-time high amid positive Wall Street ratings.
The company's shares traded above the average analyst target of $59.00. This milestone followed positive commentary from market analysts. For instance, Needham raised its price target for TTM Technologies to $65 from $56, keeping a Buy rating due to optimism about the company's growth in AI data center and defense markets. In a similar move, Truist Securities restated its Buy rating with a $60 price target, highlighting growth opportunities fueled by artificial intelligence.
After the initial pop the shares cooled down to $60.64, up 2.6% from previous close.
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What Is The Market Telling Us
TTM Technologies’s shares are very volatile and have had 24 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was 9 days ago when the stock gained 6.1% on the news that Needham raised its price target on the stock to $65 from $56, while keeping a 'Buy' rating.
The analyst firm pointed to growing confidence in TTM's future sales, especially in markets tied to AI data center infrastructure and defense, heading into the second half of 2025 and 2026. This positive view from the analyst followed TTM Technologies' recent strong financial results for the second quarter. In that period, the company beat Wall Street's expectations with both its sales and profits. Revenue jumped 21% when compared to the same period in the previous year, giving investors and analysts a solid reason for the increased optimism.
TTM Technologies is up 147% since the beginning of the year, and at $60.64 per share, has set a new 52-week high. Investors who bought $1,000 worth of TTM Technologies’s shares 5 years ago would now be looking at an investment worth $5,296.
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