TTM Technologies Inc (NASDAQ:TTMI) shares surged 13.89% in pre-market trading on Thursday, following the company's impressive first-quarter 2025 earnings report and a target price upgrade from Needham analysts.

The printed circuit board manufacturer reported robust Q1 results, with revenue reaching $648.7 million, marking a 14% year-over-year increase. The company's non-GAAP earnings per share of $0.50 exceeded expectations, driven by strong performance in key segments. Notably, TTM achieved a record high non-GAAP operating margin of 10.5%, up 340 basis points from the previous year, demonstrating improved operational efficiency.

Adding to the positive sentiment, Needham raised its price target for TTM Technologies from $33 to $35, reflecting confidence in the company's growth prospects. The stock's pre-market rally suggests investors are optimistic about TTM's future, particularly in light of the strong outlook for its data center and networking segments, which are benefiting from investments in generative AI. Despite challenges in the automotive sector and potential tariff impacts, TTM's diversified portfolio and strategic investments, such as its new Penang facility, position the company well for continued growth in the evolving tech landscape.