Wells Fargo Starts Hittite Microwave (HITT) at Outperform

November 12, 2012 4:24 PM EST
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Price: $78.00 --0%

Rating Summary:
    0 Buy, 6 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 24 | Down: 17 | New: 14
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After the close, Wells Fargo initiated coverage on Hittite Microwave (NASDAQ: HITT) with a Outperform and $60-$65 valuation range.

The firm comments, "Even within the highly profitable analog group, Hittite stands out as having particularly strong profitability. In every quarter through the past seven years, Hittiteā€™s gross margin has run in the 70- 75% range in every quarter, with operating margin running in the 36-50% range. Hittite's addressable market is of the order of $2-3 billion, and Hittite has been driving a revenue CAGR of more than 20% per year over the past ten years by rolling out new products and penetrating new markets."

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 $56.20 yesterday.

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