TTMI - Quick Take - US Federal legislation could accelerate TTM's revenue growth

Research evidence excerpt

TTMI - Quick Take - US Federal legislation could accelerate TTM's revenue growth

Truist Securities

Equity Research Report June 4, 2026

TMT: Electronic Components TTM Technologies, Inc. (TTMI)

TTMI - Quick Take - US Federal legislation could accelerate TTM's William Stein, CFA

212-319-3808 revenue growth

William.Stein@truist.com

Elliott Smith, CFA Domestic PCB fabrication draws attention from US lawmakers. Yesterday, CNBC

212-303-4150 released an article detailing the risks that US companies could face by using PCBs

Elliott.Smith@truist.com manufactured in China, and highlighting legislative efforts that could accelerate TTM's

revenue growth. A US Senate bill offers companies a 25% tax credit for buying US-

Aidan Wilson manufactured PCBs. Meanwhile, a companion bill in the House would offer $3B in grants for

212-319-3429 US PCB manufacturers. We believe both bills are under consideration to help re-establish

Aidan.Wilson@truist.com high-volume commercial PCB fabrication in the USA, where only 4% of global PCBs are

made today (primarily serving the defense end market).

Potential benefit to TTM's Eau Claire, Wisconsin, facility. TTM recently acquired a

Current Price (Jun. 3, $189.60 massive 750,000 square-foot manufacturing facility (built, powered, and plumbed, but not

2026) equipped) in Eau Claire, Wisconsin. We believe this facility could be equipped to supply AI

Stock Rating BUY Datacenter customers with PCBs that are currently made in Asia and are currently supply constrained. The major challenge at hand is that neither the supply chain (e.g., copper clad Unchanged

laminate and other materials) nor the skilled labor exists in the US to serve this market. We

Price Target $215.00 believe economic incentive like those highlighted in the legislation could stimulate TTM's