TTM Technologies, Inc. (TTMI) Down 4.5% — Time to Swap This for Something Better?
TTM Technologies, Inc. (TTMI) is under pressure on Wednesday, last trading at $126.74 on the NASDAQ, down $5.97 from the prior close of $132.71. The decline extends a steep retreat from the stock's 52-week high of $223.83, set on June 22, 2026. TTMI now sits roughly 43.4% below that peak. Less than four months after the top, the stock has given back a large share of the gains that carried it there.
Turnover is running light so far, with about 746,690 shares traded against a 90-day average of roughly 2.60 million. The session is still open, but the selling so far has come on modest volume.
Why TTM Technologies, Inc. Price is Moving Lower
The pressure on TTMI looks stock- and industry-specific rather than market-driven. The preceding U.S. session ended with the S&P 500 up 0.58% and the Nasdaq up 0.45%, both at record highs, so this is not a broad risk-off day. The more relevant backdrop is the valuation reset across the AI-infrastructure hardware group. Coherent Corp. (COHR) is down 4.08% today, nearly matching TTMI's move, and Corning Incorporated (GLW) is off 2.23%. That pattern points to investors trimming exposure to richly valued AI supply-chain names rather than reacting to anything new at TTM itself.
That theme has hung over the stock for weeks. On September 21, Needham cut its price target on TTM from $220 to $175 while keeping a Buy rating. The firm attributed the reduction to valuation compression across TTM's PCB, AI-infrastructure, and defense peer groups. In other words, the analyst still likes the business but expects investors to pay less for this kind of growth. Earlier this week, Zacks Research also moved the stock from "strong buy" to "hold," which adds to the cooler sentiment. With shares at more than 57 times trailing earnings of $2.21 per share even after today's drop, the stock has little cushion when the sector's valuation multiples contract.
The operating results do not explain the selloff. TTM's Q2 report on August 6 showed non-GAAP EPS of $0.99 against a $0.89 consensus. Revenue came in at $1.00 billion versus $962.04 million expected, a 37.4% increase from a year earlier. Management then raised its 2026 outlook to about $4.4 billion in sales and nearly $5 in non-GAAP EPS. The gap between strong reported results and a falling share price shows how much of the recent weakness comes from the multiple investors will pay, not from the earnings themselves. That distinction matters, but it offers limited protection if peer valuations keep compressing.
What is the TTM Technologies, Inc. Rating - Should I Sell?
Weiss Ratings assigns TTMI a C+ rating. Current recommendation is Hold. The C+ reflects a company whose operating story is well ahead of its stock-level risk profile. It is a solid business that has become a volatile holding.
The fundamental dimensions are TTM's strength. The Excellent rating on the Growth Index is backed by 37.42% revenue growth, an unusually fast pace for a printed circuit board manufacturer. That growth is coming from data center and defense demand, not a one-time spike. The Solvency Index is also rated Excellent, which suggests the balance sheet can fund capacity expansion without stretching the company financially. Efficiency is rated Good rather than Excellent. A 13.26% ROE is respectable for a capital-intensive manufacturer, but a 7.01% profit margin shows how much of each revenue dollar is still absorbed by fabrication costs, materials, and plant investment. That margin profile is the main reason the Efficiency rating stops a notch short of the top tier.
Where the picture becomes more nuanced is in what shareholders have actually experienced. The stock is rated Fair on the Total Return Index, which is understandable given that the gains from the June run have been largely given back. The Weak rating on the Volatility Index is the clearest drag on the overall grade. A 43% slide from the 52-week high, followed by today's valuation-driven 4.50% decline alongside other AI-infrastructure names, shows how sharply this stock reprices when sentiment toward the group shifts. These two dimensions are the reason strong fundamentals translate into a Hold rather than a Buy.
Within the Information Technology sector, TTM is on par with Arista Networks, Inc. (ANET, C+) and Corning Incorporated (GLW, C+). It ranks ahead of Ciena Corporation (CIEN, C) and Coherent Corp. (COHR, C-). That relative standing is reasonable, but none of these names currently carries a Buy-level rating, which reflects broad caution across AI-linked hardware.
About TTM Technologies, Inc.
TTM Technologies, Inc. (TTMI) is an Information Technology company and one of the largest printed circuit board manufacturers in North America. Headquartered in Santa Ana, California, the company produces rigid, high-density interconnect, flexible, and rigid-flex circuit boards for some of the most demanding applications in electronics. It also designs and builds radio frequency components and subsystems, along with integrated electronic assemblies for complex systems.
TTM serves a deliberately diversified set of end markets. These include aerospace and defense, data center computing, networking, medical, industrial and instrumentation, and automotive. The data center business has become a major growth engine as hyperscalers and AI hardware developers need advanced multilayer boards that can handle high signal speeds and heavy power loads. On the defense side, TTM supplies circuit boards and RF assemblies for radar, communications, and electronic warfare platforms, a market where long program lives and security clearances create meaningful barriers to entry.
The company's competitive position rests on engineering depth and a manufacturing footprint that spans the United States and Asia. That footprint includes a facility in Penang, Malaysia, which gives customers supply-chain options outside China. TTM's domestic defense-qualified capacity is difficult for overseas competitors to replicate. Its ability to produce the most complex board designs at scale also ties it closely to customers' product roadmaps. The tradeoff is substantial capital intensity and exposure to demand swings in the end markets it serves.
Investor Outlook
TTM Technologies, Inc. (TTMI) carries a Weiss Rating of C+ (Hold). Strong growth and a raised outlook are being weighed against a valuation that remains vulnerable to further compression across the AI-infrastructure group. Investors should watch whether upcoming results keep the company on track for its roughly $4.4 billion sales and near-$5 non-GAAP EPS guidance, and whether peer valuations stabilize before treating the pullback as an opportunity. See full rankings of all C+ rated Information Technology stocks inside the Weiss Stock Screener.
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