08:04 HITT Hittite Microwave: Color on qtr (24.82 )

Needham notes last night HITT delivered strong 4Q08 results, but 1Q09 guidance fell just shy of firm's ests and well below consensus as inventory adjustments and lower demand are affecting many of the co's end mkts. However, while consensus is likely to decline toward their ests in the near-term, they believe fundamental demand for higher data rate communications systems, especially in the wireless segment, should drive strong growth for HITT longer-term. The outlook for the co's military business also remains robust as the co secured a long-term $35 mln contract in Dec. that should ship in 2010 and 2011. Firm maintains Buy rating and $30 tgt.