UPDATE: Goldman Sachs Upgrades Hittite Microwave on Valuation

In a report published on Tuesday, Goldman Sachs analyst Mark Delaney upgraded Hittite Microwave HITT from Sell to Neutral and maintained a $58 price target on the company.

In the report, Goldman Sachs commented, "We remove Hittite from the Americas Sell List and now have a Neutral rating, as the stock has significantly underperformed and we believe risk/reward is now more reasonable. Since being added to the Americas Sell List on January 7, 2013, shares of Hittite are down 13% vs. the S&P 500 up 8%. Over the past twelve months, shares of Hittite are up 7% vs. the S&P 500 up 18%. While we remain concerned about reductions in defense spending impacting military sales and believe gross margins will trend lower, we also expect Hittite's revenue to benefit in 2H13 from increased spending in wireless infrastructure for 4G LTE projects."

Hittite Microwave closed on Monday at $54.43