TTM Technologies is navigating a familiar tension this week: the stock dropped 9.3% in a single session on June 5 to close at $167.62, unwinding some of the gains from a month that had seen it climb 5%. That one-day sell-off is the most consequential development this week, especially given how recently the analyst community lined up behind the name.
The Street just finished a round of uniform target-price raises. On May 28, four firms — Stifel, Truist Securities, B. Riley, and Needham — all lifted targets and held Buy ratings. Truist pushed its number to $215; Needham went to $208; B. Riley to $208; Stifel to $205. The consensus target now sits at $209. Against Friday's close of $167.62, that implies roughly 25% upside — a wide gap that reflects both the bulls' conviction and the market's recent pushback. The bull case rests on TTM's exposure to aerospace and defense, AI data center demand, and space electronics — industries with durable tailwinds and growing PCB complexity. The bear case points to lumpy revenue execution and macro sensitivity, with the concern that margin potential is not guaranteed to translate into consistent delivery. Management met with Needham on June 1, and the company announced a new $1 billion revolver and an upsized Term Loan B on June 3 — a refinancing that strengthens near-term liquidity but adds a layer of scrutiny on capital allocation.
Short positioning tells a modest, but building, story. Short interest rose 10.2% over the past week to 3.9% of the free float — up roughly 14% from a month ago and now at multi-week highs in absolute share terms. This is not extreme territory, but the direction is clear and consistent. Borrowing costs are negligible at 0.44% annualised, down 14% on the week despite the uptick in positions. Borrow availability remains overwhelmingly loose — the ratio of available shares to estimated short interest is running above 1,800%, meaning the lending pool is barely being touched despite the recent build. Options traders are not sending a bearish message either. The put/call ratio came in at 0.38 on June 5, below its 20-day average of 0.44 and mildly below the midpoint of its 52-week range. If anything, the options market looks more call-heavy than usual. The short build and the call skew do not point in the same direction — the positioning picture is mixed rather than directional.
EPS momentum is a genuine positive on TTMI's scorecard, ranking in the 85th percentile over 30 days and 81st percentile over 90 days. That reflects the string of upward estimate revisions that accompanied the strong Q1 earnings print in late April, when the stock surged 15% in a single session and followed with an additional 19.7% over the next five days — the most significant reaction in the recent history data. The two subsequent events, in May, both produced small negative moves of around 4-5%. Valuation is the counterweight: EV/EBITDA sits at 26.3x, compressing roughly 3.6x over the past 30 days, while the P/E is near 40x. The EV/EBIT factor scores in the 17th percentile — stretched on that measure relative to the broader universe. The next earnings event is scheduled for July 29.
Peers were broadly weak on Friday. FN dropped 13.1% on the day, its heaviest session of the week, while JBL fell 5.5% and BHE lost 5.2%. COHR managed a 4.3% gain on the week despite a 10.6% one-day drop, and PLXS held roughly flat. The widespread selling across electronics manufacturing on June 5 suggests sector-level pressure rather than TTMI-specific news, which may matter for how traders interpret the move's durability.
The next significant data point is the July 29 earnings report. Given the stock's history of large post-print moves — both up and down — the setup heading into that release, and how short interest continues to evolve in the weeks ahead, will determine whether this week's dip is absorbed or extended.
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