Summary

• TTM Technologies delivered a Q1 EPS beat and raised Q2 guidance but trades at a premium 47x FY2026 P/E, justifying a Hold rating.
• TTMI benefits from a $1.6B Defense backlog and 61% YoY growth in Data Center & Networking, underpinned by new facilities in Wisconsin and Penang.
• Management targets 15-20% annual revenue growth and expects EPS to double by 2027, driven by AI infrastructure and defense megatrends.
• Despite strong fundamentals and strategic positioning, current valuations price in most growth, warranting patience for a better entry point.

Introduction

During its Q1 earnings, TTM Technologies Inc. (TTMI) delivered a solid set of results, with EPS beating consensus expectations by 12%. Going forward, the company is guiding for a 12% sequential growth in Q2, which was again above analysts' estimates, leading to a 17% gain post-market. In

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