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Hittite Microwave Still a Hit
Hittite Microwave Corp. (HITT - Analyst Report) is a leading analog company and is gaining traction with new products. Business remains strong due to the fact that the company sells directly to its customers. However, the company's end markets are facing decelerating growth, which could hamper margins and profitability in the near term.
The company expects weak results for Q1, impacted by a slowdown in bookings. We believe Hittite is better positioned than its peers should the outlook for tech deteriorate given its international exposure and less cyclical target markets.
We maintain our Buy rating on HITT shares, and have increased our 6-month price target from $28.50 to $36.50.
Nayan Mukherjee contributed to this report.
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| Market Summary | Nov 22, 2009 05:23 am ET |
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