TTM Technologies Is Fairly Valued, Deutsche Bank Says In Neutral Initiation

TTM Technologies, Inc. (NASDAQ: TTMI), a supplier of printed circuit boards to original equipment manufacturers, is positioned to take advantage of growth in the market that makes the stock attractive, according to Deutsche Bank.

The Analyst

Deutsche Bank's Sherry Scribner initiated coverage of TTM Technologies' stock with a Hold and $19 price target.

The Thesis

The PCB market is projected to grow at a mid-single digit rate over the coming years due to an increasing pace in the digitization of analog processes along with new technology advances, Scribner said in the initiation note. Naturally, as a large and diversified vendor of PCBs, TTM Technologies would stand to benefit from the trends.

The company's exposure to more mature, slower-growth segments — such as networking, communications, servers, storage and peripherals — "will somewhat limit upside," the analyst said.

TTM Technologies is fairly valued at current levels, Scribner said. 

Price Action

Shares of TTM Technologies were trading lower by 2.69 percent at $18.78 at the time of publication Thursday afternoon. 

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