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CSFB Lowers TTM Estimates


CS First Boston believes TTM Technologies (TTMI) fourth quarter is tracking toward the lower end of guidance.

Analyst Michael Walker believes TTM Technologies's fourth-quarter is tracking toward the low-end of guidance. He says he would use the recent run in stock to take profits before re-entering closer to $11 to $12.

He now sees fourth-quarter revenues of $56 million to $59 million, below his $60 million estimate. He could introduce some risk to his 16 cents earnings per share estimate. He says the fourth quarter is already expected to be down sequentially on order pushouts related to the third quarter's capacity shortage. However, competitor Merix Corp. is now indicating continuing softness in demand.

Walker sees a rebound in first-quarter 2005. He maintains his outperform rating and $17 target.


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