Thomas Weisel Cuts TTM Technologies to Peer Perform

From Standard & Poor's Equity Research

Thomas Weisel downgraded TTM Technologies (TTMI) to peer perform from outperform, explaining that the company's share prices are now 47% higher year to date even as the Nasdaq drops 3%.

Analyst Matt Sheerin is not expecting negative surprises to second quarter results or third quarter guidance, and believes the company's core business fundamentals to be sound. However, he thinks upside to forward earnings per share (EPS) estimates are limited at this point. He thinks revenue growth is likely decelerating into 2007. He notes rising raw materials costs continue to be a drag, among other things.