Needham & Company Downgrades Hittite Microwave (HITT) to 'Hold' Ahead of Earnings; Looking For Lower Entry Point

Needham & Company downgraded Hittite Microwave (NASDAQ: HITT) from Buy to Hold.

Analyst, N. Quinn Bolton, said,, "With HITT shares closing Friday within $0.50 of our price target and given our concerns that estimates may be revised lower following the 1Q12 earnings report on 2/14, we are downgrading shares...With many of its communication IC peers experiencing declines of 20% or more in their revenue from wireless infrastructure OEMs, HITT is at risk of experiencing a similar decline in its infrastructure driven businesses in our opinion. Additionally, though we expect the second phase of a long-term military contract to ramp in March, we believe Hittite may also experience a slower than expected recovery in its broad-based military components business." (Needham cuts FY12 EPS estimate from $2.35 to $2.25)

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 $57.53 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Needham Reiterates Buy Rating on Veeva Systems (VEEV)
• SL Green Realty (SLG) PT Raised to $57 at Truist Securities
• Bernstein SocGen on StandardAero Inc (SARO): ' Solid revenues, but short-term margin issues'