TTM Technologies (TTMI) Stock Receives Price Target Hike at Canaccord Genuity

NEW YORK (TheStreet) -- TTM Technologies (TTMI) stock received a price target increase by analysts at Canaccord Genuity to $12 from $11 as the firm reiterated its "buy" rating.

The California-based company provides various printed circuit board products and backplane assemblies worldwide.

This action comes after the company yesterday announced the completion of the acquisition of Viasystems Group (VIAS) , a maker of circuit boards used in electronic devices.

TTM Technologies closed the deal to buy the rival company for more than $380 million, according to the analyst note.

This acquisition "is very complementary and will position the combined company as a leading PCB manufacturer, with VIAS' strength in automotive, medical, and industrial and instrumentation complementing TTMI's strength in smartphones, networking and communications, medical and industrial, and military and aerospace," analysts said.

In Tuesday's early morning trading session the stock is gaining 0.99% to $10.17.

Separately, TheStreet Ratings team rates TTM TECHNOLOGIES INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate TTM TECHNOLOGIES INC (TTMI) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, compelling growth in net income and good cash flow from operations. However, as a counter to these strengths, we find that the company's profit margins have been poor overall."

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