Goldman Sachs Downgrades Hittite Microwave (HITT) to Sell
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Price: $53.65 +0.49%
Rating Summary:
2 Buy, 1 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 12 | New: 30
Rating Summary:
2 Buy, 1 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 12 | New: 30
Trade HITT Now!
Goldman Sachs downgraded Hittite Microwave (NASDAQ: HITT) from Neutral to Sell with a price target of $54.00, suggesting 14% downside.
While they believe Hittite Microwave is a well run company, they expect gross margins to trend lower due to mix and increased competition. In addition, with 35% of sales tied to defense they expect lagging sales due to government budget. On valuation, the firm notes Hittite trades at a 55% premium to peers on normalized P/E and 25% on 2013 EBITDA even though they expect its 2013 EPS growth to be half as fast as our semi coverage group median.
For an analyst ratings summary and ratings history on Hittite Microwave click here. For more ratings news on Hittite Microwave click here.
Shares of Hittite Microwave closed at $62.44 yesterday, with a 52 week range of $45.94-$64.08.
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While they believe Hittite Microwave is a well run company, they expect gross margins to trend lower due to mix and increased competition. In addition, with 35% of sales tied to defense they expect lagging sales due to government budget. On valuation, the firm notes Hittite trades at a 55% premium to peers on normalized P/E and 25% on 2013 EBITDA even though they expect its 2013 EPS growth to be half as fast as our semi coverage group median.
For an analyst ratings summary and ratings history on Hittite Microwave click here. For more ratings news on Hittite Microwave click here.
Shares of Hittite Microwave closed at $62.44 yesterday, with a 52 week range of $45.94-$64.08.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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