DA Davidson Downgrades Hittite Microwave (HITT) Due to Near-Term Outlook, Shares Down Slightly
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Price: $78.00 --0%
Rating Summary:
0 Buy, 6 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
0 Buy, 6 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Shares of Hittite Microwave Corporation (Nasdaq: HITT) are trading down 0.93 percent on the day following a downgrade by DA Davidson.
The popular financial firm Downgraded its rating on the company today from Buy to Neutral as it sees no signs improvement in its carrier capex and on its new estimates due to a lower military budget.
The firm's market checks indicate the muted capex environment for wireline and wireless may last through the first half of fiscal 2012.
Due to the possible budget cuts in the military budget, DA Davidson cut its Q1 sales and EPS estimates from $62.8 million and $0.56 to $60.1 million and $0.53.
"Although we do see some signs of uncertainty around the company in the near term, we also see growth on the horizon," an analyst at DA Davidson said. "We remain optimistic on the long-term future of Hittite and believe they are on the right track to diversify their product line. However, given the near-term outlook and uncertainty within the military program, we are reducing our estimates going into 2012 and moving to a NEUTRAL rating."
The firm reduced its FY12 sales and EPS estimates from $271.7 million and $2.45 to $258.5 million and $2.32.
The popular financial firm Downgraded its rating on the company today from Buy to Neutral as it sees no signs improvement in its carrier capex and on its new estimates due to a lower military budget.
The firm's market checks indicate the muted capex environment for wireline and wireless may last through the first half of fiscal 2012.
Due to the possible budget cuts in the military budget, DA Davidson cut its Q1 sales and EPS estimates from $62.8 million and $0.56 to $60.1 million and $0.53.
"Although we do see some signs of uncertainty around the company in the near term, we also see growth on the horizon," an analyst at DA Davidson said. "We remain optimistic on the long-term future of Hittite and believe they are on the right track to diversify their product line. However, given the near-term outlook and uncertainty within the military program, we are reducing our estimates going into 2012 and moving to a NEUTRAL rating."
The firm reduced its FY12 sales and EPS estimates from $271.7 million and $2.45 to $258.5 million and $2.32.
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