UPDATE: Stifel Nicolaus Raises PT to $70 on Hittite Microwave on End-Market Strength
Stifel Nicolaus reiterated its Buy rating on Hittite Microwave (NASDAQ: HITT) and raised its price target from $62 to $70.
Stifel Nicolaus noted, "Communications infrastructure spending should improve and drive estimates higher. Recent comments by AT&T on plans to increase CapEx a net positive for HITT. Additionally, Mindspeed earlier today raised its guidance on improving demand for wireline and wireless products. We believe improving demand for communications products is positive for HITT. … HITT is expanding into networking and applications, an adjacent high-performance IC market to telecom to drive growth and further diversification."
Hittite Microwave closed at $62.54 on Tuesday.
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