Goldman Sachs downgraded Hittite Microwave HITT from Neutral to Sell and announced a $54.00 price target.
Goldman Sachs commented, "We are adding Hittite to the Americas Sell List. While we believe Hittite is a well-run company, we see 14% downside to our 12-month, $54 price target and prefer other stocks to capitalize on a broader semi recovery, as (1) we expect Hittite's gross margins to trend lower due to mix and increased
competition, (2) we estimate that Hittite has about 35% of sales tied to defense, an area where we expect sales to lag the semi industry recovery due to government budget cuts, and (3) Hittite trades at a 55% premium to peers on normalized P/E and 25% on 2013 EBITDA."
Hittite Microwave closed at $62.44 on Monday.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in