UPDATE: JP Morgan Downgrades TTM Technologies to Neutral on Lack of Catalysts

JP Morgan reduced its rating on TTM Technologies

from Overweight to Neutral and lowered its price target from $11.50 to $11. JP Morgan commented, "We are downgrading TTMI to Neutral from Overweight owing to lack of nearterm catalysts. On revisiting our CY13-14 forecast, we believe our prior gross operating margin estimates were too aggressive and we have therefore trimmed EPS slightly, though we still believe TTMI is positioned for growth in 2013 (revenue estimates are unchanged). The stock looks somewhat undervalued, but we believe TTMI's multiple will remain depressed pending evidence that demand for PCBs is ramping in the communications equipment end market, which we do not anticipate in the next six months." TTM Technologies closed at $9.18 on Wednesday.