UPDATE: Stifel Nicolaus Raises PT to $72 on Hittite Microwave on Growth, Profitability Outlook

Stifel Nicolaus maintained Hittite Microwave

with a Buy rating and raised the price target from $70.00 to $72.00. Stifel Nicolaus noted, "Management guided revenue in 1Q13 to be in the range of $66.5-$68.5mn or down 2.9% to flat q/q (midpoint of $67.5mn/-1.5% q/q). Gross margin is expected to be ~73.0%-73.5%, in line with 4Q12, and operating expenses are expected to be flat q/q to slightly up q/q. … Guidance appears conservative and we believe that revenues will likely re-accelerate in 2Q and beyond, driven by a more certain rebound in both cellular infrastructure and microwave communications." Hittite Microwave closed at $64.66 on Thursday.