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|  | DECEMBER 22, 2004
 WORD ON THE STREET CSFB Lowers TTM Estimates Analyst Michael Walker says the circuit-board maker's fourth quarter order pushouts are expected to be down sequentially CS First Boston believes TTM Technologies (TTMI ) fourth quarter is tracking toward the lower end of guidance. Analyst Michael Walker believes TTM Technologies's fourth-quarter is tracking toward the low-end of guidance. He says he would use the recent run in stock to take profits before re-entering closer to $11 to $12. He now sees fourth-quarter revenues of $56 million to $59 million, below his $60 million estimate. He could introduce some risk to his 16 cents earnings per share estimate. He says the fourth quarter is already expected to be down sequentially on order pushouts related to the third quarter's capacity shortage. However, competitor Merix Corp. is now indicating continuing softness in demand. Walker sees a rebound in first-quarter 2005. He maintains his outperform rating and $17 target.  All of the views expressed in this research report accurately reflect the research analyst's personal views regarding any and all of the subject securities or issuers. No part of analyst compensation was, is or will be, directly or indirectly related to the specific recommendations or views expressed in this research report. Standard & Poor's Regulatory Disclosure Any advice, analysis, or recommendations contained in articles labeled "Insight from Standard & Poor's" reflect the views of Standard & Poor's, which operates separately from and independently of BusinessWeek Online. It is possible that BWOL may from time to time publish information that is not consistent with advice, analysis, or recommendations that are published by Standard & Poor's. Standard & Poor's and BusinessWeek Online are each units of The McGraw-Hill Companies, Inc.
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