Shares of TTM Technologies Inc (TTMI) soared 8.42% on Wednesday after the company reported solid third-quarter results and an analyst raised their price target on the stock.
The printed circuit board manufacturer posted quarterly adjusted earnings of $0.41 per share, in line with analysts' estimates. Revenue grew 7.7% year-over-year to $616.54 million, beating expectations of $604.01 million. The company also reported net income of $14.31 million for the quarter.
Following the results, B. Riley analyst Christopher Robertson raised his price target on TTMI to $29 from $27.25, maintaining a "Buy" rating on the stock. Robertson cited the company's strong execution and positive outlook as driving factors behind the increased price target.
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