HALISTER1: TTM Tech Post-Earnings Pullback Presents Entry Point: Stifel

TTM Tech Post-Earnings Pullback Presents Entry Point: Stifel

(Bloomberg) -- TTM Technologies rises as much as 7%, the most since June 8, after Stifel analyst Matthew Sheerin upgraded to buy from hold, PT $17.50, writing in a note that the stock’s 19% post-earnings selloff is overdone.
  • Notes management indicated in investor meeting this week that co.’s relationship with its top customer, believed to be Apple, remains strong
  • Says the 3Q guidance miss was more related to timing than share losses or company-specific issues
  • Says growth in auto, aerospace/defense and computing markets offsets the weakness in networking/telecom
  • Upgrades comes after Stifel cut the stock to hold from buy on July 28, with PT $19
  • NOTE: Aug. 16, TTM Tech Added to Focus List on ’Attractive Valuation’: JPMorgan
    • TTM Technologies Gains After Needham Boosts Rating to Strong Buy
To contact the reporter on this story: Tatiana Darie in New York at tdarie1@bloomberg.net To contact the editors responsible for this story: Arie Shapira at ashapira3@bloomberg.net Steven Fromm

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
TTMI US (TTM Technologies Inc)

People
Matthew Sheerin "Matt" (Stifel Nicolaus & Co Inc)

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