Is TTMI a good stock to buy? We came across a bullish thesis on TTM Technologies, Inc. on R. Dennis’s Substack by OppCost. In this article, we will summarize the bulls’ thesis on TTMI. TTM Technologies, Inc.’s share was trading at $187.02 as of June 30th. TTMI’s trailing P/E was 101.64 according to Yahoo Finance.
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TTM Technologies, Inc. manufactures and sells mission systems, radio frequency (RF) components, RF microwave/microelectronic assemblies, and printed circuit boards (PCBs) and substrates in the United States and internationally. TTMI is benefiting from strong institutional conviction as a large investor purchased 1,800 August 21, 2026, $175 call options for approximately $6.66 million, reflecting confidence ahead of the company’s early August second-quarter earnings report. The bullish positioning is supported by robust operating performance rather than speculation.
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In the first quarter of 2026, TTMI delivered record revenue of $846 million, representing 30% year-over-year growth and exceeding expectations, while non-GAAP EPS of $0.75 also beat consensus estimates.
Adjusted EBITDA reached $132.9 million with a 15.7% margin, and gross margin expanded to 21.4%, highlighting improving profitability. Approximately 80% of revenue is tied to high-growth AI and defense markets, while its Data Center and Networking business contributes roughly 36% of sales, positioning the company to benefit from continued infrastructure investment. Demand remains exceptionally strong, as reflected by a 1.41 book-to-bill ratio, indicating orders are significantly outpacing shipments.
Management reinforced this momentum by guiding for second-quarter revenue growth of 27% to 33% and EPS growth of 41% to 52%, while Investor Day projections called for approximately $4 billion in 2026 revenue, higher operating and EBITDA margins, and a goal of doubling earnings between 2025 and 2027 through sustained 15% to 20% annual revenue growth.
The market has responded positively, with multiple analysts raising price targets to $205-$215 and maintaining Buy ratings. The options trade aligns with these targets, implying a breakeven near $212, while upcoming earnings provide a meaningful catalyst. Supported by accelerating AI and defense demand, expanding margins, improving manufacturing efficiency, and strong forward guidance, the thesis suggests TTMI could continue appreciating if execution remains on track.
Previously, we covered a bullish thesis on Bel Fuse Inc. (BELFB) by Pound the Rock Investing in March 2025, which highlighted margin expansion, the transformative Enercon acquisition, leadership changes, and upside from AI, defense, and aerospace growth at an attractive valuation. BELFB’s stock price has appreciated by approximately 330.84% since our coverage. OppCost shares a similar view but emphasizes on TTM Technologies’ AI and defense-driven growth, strong backlog, institutional options flow, and a near-term earnings catalyst.
TTM Technologies, Inc. is not on our list of the 40 Most Popular Stocks Among Hedge Funds. As per our database, 64 hedge fund portfolios held TTMI at the end of the first quarter which was 54 in the previous quarter. While we acknowledge the risk and potential of TTMI as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than TTMI and that has 10,000% upside potential, check out our report about this cheapest AI stock.
Disclosure: None.
