UPDATE: Stifel Nicolaus Raises PT to $62 on Hittite Microwave on Favorable Fundamentals

Stifel Nicolaus reiterated its Buy rating on Hittite Microwave

and raised its price target from $60 to $62. Stifel Nicolaus said, “We believe Hittite remains among the best positioned companies in the broader semiconductor industry with an enviable business model characterized both by solid growth and record profitability. While investors remain concerned about the company's relative exposure to defense and communications, we believe management sounds increasingly confident in its ability to gain significant share in both segments. Furthermore, and as HITT continues to outperform its closest peers, we believe the company is also fortifying its competitive advantage with a stronger balance sheet." Hittite Microwave closed at $56.25 on Thursday.