Needham & Company Reiterates a 'Buy' on Hittite Microwave (HITT); Rare Miss Provides Buying Opportunity
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Price: $78.00 --0%
Rating Summary:
0 Buy, 6 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
0 Buy, 6 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Needham & Company reiterates a 'Buy' on Hittite Microwave (NASDAQ: HITT) price target of $58.00.
Needham analyst says, "Hittite Microwave reported mixed 3Q11 results but issued 4Q11 guidance well below Street expectations due to a combination of company-specific and macroeconomic issues. The company-specific factors relate to the timing of specific large military contracts that ramp down in 4Q11 but are expected to recover in 2012. Slowing demand and tight inventory management across the supply chain in light of uncertain macroeconomic factors have affected the company’s commercial business. Though 4Q11 sales will be weak, we expect the business to recover beginning 1Q12 and to grow sequentially through the year, likely reaching a new quarterly revenue record by year-end. As such, we believe the rare miss by Hittite provides investors with a buying opportunity."
"Our 4Q11 revenue and GAAP EPS estimates decline to $59.0MM/$0.52 from $71.0MM/$0.68 and our 2012 revenue and GAAP EPS estimates decline to $265MM/$2.35 from $300MM/$2.90."
For more ratings news on Hittite Microwave click here and for the rating history of Hittite Microwave click here.
Shares of Hittite Microwave closed at $52.39 yesterday.
Needham analyst says, "Hittite Microwave reported mixed 3Q11 results but issued 4Q11 guidance well below Street expectations due to a combination of company-specific and macroeconomic issues. The company-specific factors relate to the timing of specific large military contracts that ramp down in 4Q11 but are expected to recover in 2012. Slowing demand and tight inventory management across the supply chain in light of uncertain macroeconomic factors have affected the company’s commercial business. Though 4Q11 sales will be weak, we expect the business to recover beginning 1Q12 and to grow sequentially through the year, likely reaching a new quarterly revenue record by year-end. As such, we believe the rare miss by Hittite provides investors with a buying opportunity."
"Our 4Q11 revenue and GAAP EPS estimates decline to $59.0MM/$0.52 from $71.0MM/$0.68 and our 2012 revenue and GAAP EPS estimates decline to $265MM/$2.35 from $300MM/$2.90."
For more ratings news on Hittite Microwave click here and for the rating history of Hittite Microwave click here.
Shares of Hittite Microwave closed at $52.39 yesterday.
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