What Happened?

Shares of PCB manufacturing company TTM Technologies (NASDAQ: TTMI) jumped 5.3% in the afternoon session after the company presented a strong long-term growth outlook at an investor conference, which prompted positive reactions from analysts. 

During the Needham Growth Conference, CEO Edwin Roks projected annual revenue growth of 15% to 20% over the next three years, with earnings expected to double between 2025 and 2027. The company's management team highlighted that this projected growth was fueled by strong demand in the aerospace, defense, and AI-driven data center computing markets. In response to the upbeat forecast, Truist Securities raised its price target on the stock to $113 from $91. Similarly, Needham & Company increased its price target to $105 from $79, with both firms maintaining their "Buy" ratings on the shares.

The shares closed the day at $96.09, up 3.1% from previous close.

Is now the time to buy TTM Technologies? Access our full analysis report here, it’s free.

What Is The Market Telling Us

TTM Technologies’s shares are extremely volatile and have had 41 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

The previous big move we wrote about was 27 days ago when the stock gained 9% on the news that analysts raised their price target on the stock, citing strong demand for the company's advanced printed circuit boards (PCBs) from the growing artificial intelligence sector. 

Specifically, analysts at B. Riley increased their price target for TTM Technologies to $81 from $75. They cited robust demand for advanced PCB technology, which is a critical component needed for the expansion of AI infrastructure. This move was part of a broader wave of bullish sentiment for the industry. A report from the Taiwan Printed Circuit Association noted that the entire PCB market experienced significant growth, largely supported by strength in AI servers and related applications. This structural shift toward AI-driven technology fueled demand for the specialized parts TTM Technologies helps produce.

TTM Technologies is up 36.6% since the beginning of the year, and at $96.45 per share, has set a new 52-week high. Investors who bought $1,000 worth of TTM Technologies’s shares 5 years ago would now be looking at an investment worth $6,783.

While Wall Street chases Nvidia at all-time highs, an under-the-radar semiconductor supplier is dominating a critical AI component these giants can’t build without. Click here to access our full research report, it’s free.