UPDATE: Canaccord Genuity Initiates Coverage on TTM Technologies with Buy Rating, $12 PT on Good Market Position

In a report published Tuesday, Canaccord Genuity analyst Bobby Burleson initiated coverage on TTM Technologies TTMI with a Buy rating and $12.00 price target. In the report, Canaccord Genuity noted, “We are initiating coverage of TTM Technologies with a BUY rating and $12 price target. As the largest US-based global printed circuit board (PCB) manufacturer, TTM is positioned to harvest the benefits of substantial investments in advanced products and an expanded footprint in Asia Pacific. We expect new product introductions by mobile devices customers (Apple is TTM's largest) and an improving spending environment for networking/communications infrastructure to drive strong top-line growth and market share gains. We also expect gross margin expansion as factory utilization increases and the product mix improves, noting that earnings growth when enhanced by expanding margins should act as a positive catalyst for the stock.” TTM Technologies closed on Monday at $9.39.