UPDATE: J.P. Morgan Upgrades TTM Technologies on Valuation

In a report published Tuesday, J.P. Morgan analyst Paul Coster upgraded the rating on

from Neutral to Overweight, and reiterated the $11.00 price target. In the report, J.P. Morgan noted, “We are upgrading TTMI to Overweight from Neutral based on valuation. 4Q guidance, issued last week, was a bit disappointing, causing the stock to trade down 15% over the last five trading days (S&P500 up 0.22%). We think this yields an entry point for long-term investors. We still anticipate improved demand in 2014 and significantly better margins owing to restructuring action taken in 2013. There is no change to our estimates or December 2014 price target of $11.00.” TTM Technologies closed on Monday at $8.61.