TTM Technologies (TTMI) recently outlined an ambitious full year 2026 revenue projection of about US$4.0b, implying roughly 38% year over year growth. Management pointed to strong aerospace and defense demand as a key driver.

The share price has climbed 27.86% over the past month and 71.77% over the past 90 days. The roughly 4.5x 1 year total shareholder return and more than 10x 3 year total shareholder return highlight how strongly sentiment has shifted around the stock ahead of the 2026 outlook and Investor Day.

If you are looking for other growth stories linked to high performance computing and communications, this could be a good moment to scan 43 AI infrastructure stocks

With the stock up sharply and trading only about 8% below the average analyst price target and an estimated intrinsic value gap of roughly the same size, you have to ask: is there still an opportunity here, or is the market already pricing in the growth story?

Most Popular Narrative: 5.1% Undervalued

Simply Wall St’s most followed narrative pegs TTM Technologies’ fair value at $170, a small premium to the last close at $161.41. This frames the current debate around how much growth is already embedded in the price.

Ongoing expansion into higher-value engineered solutions and advanced manufacturing capabilities, particularly through new capacity in Penang and Syracuse and through product mix shifts, is described as increasing pricing power and driving gross margin improvements over time, which in turn enhances the net margin profile.

Growing industry-wide emphasis on supply chain resiliency and secure domestic sourcing is described as a factor that could shift PCB market share toward North American providers like TTM, as customers prioritize domestic production.

Curious what is cited to support a fair value above today’s price? The narrative references rapid earnings expansion, rising margins, and a richer future earnings multiple. The exact assumptions might surprise you.

Result: Fair Value of $170 (UNDERVALUED)

However, you still need to weigh execution risks, such as higher operating costs at new US facilities and customer concentration that could pressure margins if large orders shift.

Another View: High P/E Puts Pressure On The Story

The first fair value of $170 leans heavily on earnings forecasts and discount rates. By contrast, the current P/E of 85.8x is well above the US Electronic industry at 30.1x, the peer average at 45.8x, and even the fair ratio of 67.4x. This points to richer expectations already in the price. Is the real risk now less about growth and more about how much investors are paying for it?

Next Steps

Feeling pulled between the optimism and the caution in this story? Take a closer look at the data now and weigh both sides with the 3 key rewards and 2 important warning signs

Looking for more investment ideas?

If you stop with just one stock, you risk missing other opportunities that better fit your goals, risk comfort, and time horizon, so keep scanning widely.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.