. reports fourth-quarter results Wednesday after the close, capping a remarkable year that saw the printed circuit board maker’s stock surge more than 580% from its 52-week low. Analysts expect the company to post earnings of 68 cents a share on revenue of $752.9 million, representing a modest sequential uptick from the third quarter’s 67-cent profit on $752.7 million in sales.
All four analysts covering the stock maintain Buy ratings, with a consensus price target of $103.25—though the shares closed Tuesday at $107.57, trading above that benchmark. Recent price-target increases from B.Riley to $123 and Truist Securities to $113 reflect growing optimism around the company’s positioning in artificial intelligence infrastructure and defense electronics. EPS estimates have remained flat over both the past week and two months, suggesting analysts are confident in their projections heading into the print.
The report comes amid heightened scrutiny of whether TTM can justify its rich valuation—the stock trades at 41 times forward earnings—and deliver on ambitious targets management outlined at a January investor conference. CEO Edwin Roks pledged to grow revenue 15% to 20% annually through 2028 and double earnings per share from 2025 to 2027, a roadmap that has energized bullish analysts but leaves little room for execution missteps.
What Investors Are Watching
Artificial intelligence remains the primary growth driver, with analysts highlighting AI-related upside as data-center buildouts accelerate demand for advanced circuit boards. AI servers use PCBs 50 to 60 times greater than traditional servers, and 2026 marks a critical inflection point for AI hardware demand extending from model training to inference applications. Investors will press management for specifics on AI revenue contribution and customer pipeline visibility.
Margin expansion from the production ramp at the company’s Penang facility represents another focal point. Analysts have boosted estimates based partly on anticipated operating leverage as that plant scales, and any commentary on utilization rates or yield improvements will draw attention.
The defense business is also in focus following TTM’s announcement of a multi-year agreement with Raytheon worth up to $200 million over three years to supply components for the LTAMDS radar program. Investors will want to understand how this contract and similar defense wins feed into the company’s longer-term revenue trajectory.
In the third quarter, TTM beat expectations with 67 cents in earnings per share versus the 60-cent consensus, and revenue of $752.7 million topped the $712 million forecast. That 11.7% earnings surprise and 5.7% revenue beat provided momentum heading into year-end.
With the stock now valued at $11.1 billion—a dramatic ascent from small-cap territory to its recent inclusion in the —Wednesday’s results and guidance will test whether TTM’s transformation from cyclical PCB supplier to high-value electronics partner can support the premium multiple investors have assigned.
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