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TTM Technologies: Close to Target, Taking Profits

|Includes: TTM Technologies, Inc. (TTMI)

I wrote TTM Technologies (NASDAQ:TTMI) up favorably on Dec 18th at 5.36.  The stock traded over 11.00 yesterday and I will claim credit for a doubler here. 

My target price at the time was 12.00.  At the bottom the stock was trading under 5.00 and I was buying daily in mid March at those prices.  Since then I have been taking profits on a pretty steady basis, from April on to yesterday I have been selling, but I still have a meaningful position.  Until recently that was more about mainataining an adequate cash reserve than because I had any reservations about the stock, which is a favorite. 

Earnings are due any day now.  In the meantime, I have been looking at the possibility that TTMI whcih closed a facility in January and took restructuring charges may be able to leverage the expense reduction in the future if revenues return to what they were before the troubles.  Before the eonomy tanked I thought I saw 20 for this stock.  Then I saw 12.  If the economy makes a decent recovery I may be able to see 20 again, just like the professional analysts, when things look better I change my target.   

In the meantime I have been taking profits because this is pretty close to my target and the annualized returns holding it from here would not be attractive compared to investing in the S&P 500 index, not to mention with things up as quickly as they have been I have been selling on a systematic basis every time the S&P goes up anouther 1%, raising cash in prepartion for a correction, if we get one.