[kramerc]

I have used Titanium Backup to restore Google Authenticator and Battle.net Mobile Authenticator onto a different device and both apps have retained my accounts with no problem at all. So yes, you are correct in assuming that you can restore OTP generators from backups.

[da_n]

I can also confirm this. AS well as local, I have set Titanium Backup to send an additional (encrypted) backup to a cloud storage service as well (in my case Google Drive). I have restored from Titanium Backup many times with different ROMS and different phones.