UPDATE: Stifel Nicolaus Raises PT to $70 on Hittite Microwave on End-Market Strength

Stifel Nicolaus reiterated its Buy rating on Hittite Microwave

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.