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

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JP Morgan reduced its rating on TTM Technologies (NASDAQ: TTMI) 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.

Latest Ratings for TTMI

Dec 2017SunTrust Robinson HumphreyInitiates Coverage OnBuy
Aug 2017Stifel NicolausUpgradesHoldBuy
Aug 2017NeedhamUpgradesBuyStrong Buy

View More Analyst Ratings for TTMI
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