TTM Technologies, Inc. (NASDAQ: TTMI) is having a sharp pullback on Wednesday, December 17, 2025, extending a volatile week for a stock that recently surged to fresh highs. In intraday trading, TTMI fell to the low $60s, after opening near $68.82 and reaching an intraday high around $69.31, with heavy volume compared with recent sessions. [1]
The move is notable because it follows a dramatic run-up earlier this month—including a record closing high around $80.24 on Dec. 11—and a sequence of large daily swings that has put TTMI firmly on momentum traders’ and growth investors’ radar. [2]
Below is a roundup of the latest news, forecasts, and analyses available as of Dec. 17, 2025, plus the key factors investors are watching next.
TTMI stock price action today: a steep drop after multiple high-volatility sessions
After pushing to record highs last week, TTMI has swung sharply lower across several sessions:
- Dec. 11: closed around $80.24 (record close) [3]
- Dec. 12: fell to about $73.43 [4]
- Dec. 16: closed around $67.63 [5]
- Dec. 17: traded around $62 with an intraday low near $61.7 and elevated volume [6]
In other words, the stock is not simply “down today”—it’s in a fast unwind after an exceptional rally, which tends to amplify day-to-day moves as short-term positioning changes.
What’s driving the selloff? AI infrastructure jitters and rotation out of high-flyers
A key theme in the most recent commentary around TTMI is that it has increasingly been treated as part of the AI infrastructure supply chain—and that trade has been choppy.
One widely circulated explanation for the mid-December weakness across AI-linked infrastructure names points to rotation out of high-momentum plays after earnings updates from large tech-adjacent companies raised fresh questions about how quickly massive AI spending translates into returns. StockStory specifically framed the Dec. 12 downdraft as a broader rotation following underwhelming updates tied to AI infrastructure spending and margin concerns. [7]
Simply Wall St also described TTMI’s pullback in the context of a broader AI infrastructure selloff and “big-tech earnings jitters,” underscoring that sentiment—not just company-specific fundamentals—has been moving the stock. [8]
Why investors link TTM Technologies to AI infrastructure
TTM Technologies isn’t an AI software company. It’s a manufacturer of advanced printed circuit boards (PCBs) and related high-reliability electronics used in end markets that include data centers, networking, aerospace/defense, automotive, industrial, and medical. [9]
The AI infrastructure connection comes down to where the demand is showing up: data center computing and networking, which need advanced interconnect and PCB content as clusters scale.
TTM has explicitly tied part of its capacity expansion strategy to this demand. In 2025, the company announced it acquired a 750,000-square-foot facility in Eau Claire, Wisconsin, describing it as a way to accelerate U.S. domestic capacity for advanced PCBs, with particular emphasis on data center computing and networking for generative AI applications. [10]
That kind of positioning can be powerful in a momentum market—but it can also make the stock more sensitive to any wobble in the broader AI infrastructure narrative.
The fundamentals backdrop: Q3 2025 beat, record non-GAAP EPS, and Q4 guidance
From a business-performance standpoint, the most recent quarter on the record remains TTM’s Q3 2025 report (released Oct. 29, 2025).
Highlights from the company’s release included:
- Net sales of $752.7 million, up 22% year over year [11]
- Non-GAAP EPS of $0.67, described as a quarterly record high [12]
- Adjusted EBITDA of $120.9 million (16.1% margin) [13]
- Cash flow from operations of $141.8 million (18.8% of net sales) [14]
Management attributed the quarter’s strength to “continued demand strength” in Data Center Computing and Networking, “driven primarily by the requirements of generative AI,” while noting double-digit year-over-year growth in Medical/Industrial/Instrumentation and Aerospace/Defense as well. [15]
Q4 2025 outlook (company guidance)
For Q4 2025, TTM guided to:
- Net sales:$730 million to $770 million
- Non-GAAP EPS:$0.64 to $0.70 [16]
That guidance matters now because—after a huge run and then a fast selloff—investors are re-checking whether fundamentals can keep up with expectations.
Balance sheet snapshot: cash, debt, and leverage framing
TTM reported (as of the end of Q3 2025) cash and cash equivalents of about $491.1 million and long-term debt of about $912.8 million. [17]
Independent analysis from StockStory characterized TTMI’s leverage as manageable, citing a net-debt-to-EBITDA ratio around 1.0x and describing interest expense as “appropriate” relative to profits. [18]
Reuters’ company profile also outlines TTM’s business segmentation across Aerospace & Defense, Commercial, and RF/S components—useful context when evaluating how resilient cash flows might be if any single end-market cools. [19]
Analyst forecasts and price targets: Wall Street is still broadly constructive
Despite the selloff, the most widely referenced analyst summary pages remain net positive on TTMI.
Consensus rating and price target (MarketBeat)
MarketBeat’s snapshot (based on six analysts over the past 12 months) shows:
- Consensus rating:Buy
- Average 12-month price target:$73.25
- Range:$55 (low) to $81 (high)
- Implied upside was listed around 18% from the then-current low-$60s quote. [20]
MarketBeat also notes recent target increases from several firms in prior weeks (including B. Riley’s target moving to $81, with other firms cited around the high-$70s), reflecting optimism following strong quarterly execution. [21]
Another published estimate: $77.50 one-year target (StockStory)
StockStory’s TTMI report lists a consensus one-year price target of $77.50 (in their summary) while still framing the stock as “one to add to your watchlist” rather than an immediate “must-buy,” given how much good news may already be priced in. [22]
Valuation debate: “AI upside” narrative vs. premium multiples
A major reason TTMI is swinging so hard is that different analysts can look at the same company and reach very different valuation conclusions, depending on which assumptions they emphasize.
Simply Wall St: modest undervaluation on narrative, but earnings multiple looks stretched
Simply Wall St’s mid-December note framed TTMI as modestly undervalued versus a narrative fair value estimate around $77.50 (based on their assumptions), but it also flagged that the trailing earnings multiple looked elevated compared with industry benchmarks—meaning sentiment could punish the stock if expectations cool. [23]
StockStory: forward multiple suggests a lot is priced in, but not absurd for a grower
StockStory’s report cited a next-12-month P/E around the mid-20s (at the time of its update) and argued that “a lot of good news is priced in.” [24]
Put simply: TTMI can look expensive or reasonable depending on whether you anchor on trailing earnings, forward earnings, or a growth narrative tied to AI infrastructure demand.
Corporate news check: no new press release today, but recent IR activity matters
If you’re looking for a single, company-specific headline that explains the December 17 drop, TTM’s investor relations site does not show a fresh press release dated today. The company’s most recent IR update highlighted here was conference participation announced on Nov. 26, 2025 (including appearances at BofA’s leveraged finance conference and UBS’s technology/AI conference in early December). [25]
On filings, TTM’s IR site lists the latest current report (8‑K) as Oct. 29, 2025, with the latest quarterly filing referenced as a Q3 10‑Q dated Oct. 31, 2025 on the SEC filings hub. [26]
That absence of a same-day company announcement strengthens the case that the move is largely about market positioning and sector sentiment, not a newly disclosed operational shock.
Insider transactions: recent Form 144 / Form 4 headlines are in the mix
Insider activity has also generated recent headlines:
- Reuters/Refinitiv item: an officer filed a Form 144 proposing sale of 2,000 shares (filed Dec. 1, 2025). [27]
- Reuters/Refinitiv item: a director disclosed a gift of 12,750 shares (reported via a Form 4 filing reference). [28]
- TTM’s own SEC filings list shows Form 4 and Form 144 entries dated 12/01/25, along with additional November entries. [29]
Insider sales (or planned sales) don’t automatically mean something negative—executives sell for many reasons. But during periods of high volatility, these filings often get amplified because traders look for any signal to justify momentum shifts.
What investors are watching next for TTM Technologies (TTMI)
With the stock moving this quickly, the next catalysts tend to fall into a few buckets:
- Follow-through in AI infrastructure demand
The bull case leans heavily on sustained data center and networking strength tied to generative AI buildouts. [30] - Execution on new capacity (Wisconsin / Penang strategy)
TTM’s Wisconsin facility was positioned as a way to accelerate advanced PCB capacity in the U.S., while Penang land rights support diversification in Southeast Asia. Scaling efficiently—and profitably—will matter. [31] - Guidance credibility into Q4 and beyond
After guiding Q4 non-GAAP EPS to $0.64–$0.70, investors will be sensitive to any sign of pushouts, margin pressure, or mix shifts. [32] - Aerospace & Defense durability
TTM highlights meaningful A&D exposure (and on its IR site points to A&D program backlog figures), which can diversify cyclicality versus purely commercial electronics demand. [33]
Bottom line: TTMI is in a sentiment reset, but forecasts remain constructive
As of Dec. 17, 2025, TTMI is experiencing a sharp pullback after an exceptional rally. Recent third-party analysis has tied the weakness to broader AI infrastructure jitters and rotation out of high-momentum names, while Wall Street’s published targets still cluster well above the current low-$60s level. [34]
For investors, the near-term question isn’t whether TTM is “an AI company.” It’s whether TTM can keep translating AI-driven infrastructure spending into durable revenue growth and margins—fast enough to justify the premium expectations that built up during the run to record highs. [35]
References
1. www.investing.com, 2. www.macrotrends.net, 3. www.macrotrends.net, 4. www.investing.com, 5. www.investing.com, 6. www.investing.com, 7. markets.financialcontent.com, 8. simplywall.st, 9. www.reuters.com, 10. investors.ttm.com, 11. investors.ttm.com, 12. investors.ttm.com, 13. investors.ttm.com, 14. investors.ttm.com, 15. investors.ttm.com, 16. investors.ttm.com, 17. investors.ttm.com, 18. stockstory.org, 19. www.reuters.com, 20. www.marketbeat.com, 21. www.marketbeat.com, 22. stockstory.org, 23. simplywall.st, 24. stockstory.org, 25. investors.ttm.com, 26. investors.ttm.com, 27. www.tradingview.com, 28. www.tradingview.com, 29. investors.ttm.com, 30. investors.ttm.com, 31. investors.ttm.com, 32. investors.ttm.com, 33. investors.ttm.com, 34. www.marketbeat.com, 35. investors.ttm.com
