Piper Jaffray Upgrades Hittite Microwave (HITT) to Buy on Expanding Market Opportunity


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February 25, 2009 7:31 AM EST
Piper Jaffray & Co. upgrades Hittite Microwave Corp. (Nasdaq: HITT) from Neutral to Buy and raised their price target increased from $24 to $32, saying they are comfortable in Hittite's ability to grow vertically into the military and space markets.

Piper analyst says, "After spending time with management, we are more comfortable in Hittite's ability to grow vertically into the military and space markets. We do not believe HITT will require onerous amounts of SG&A spending to scale into these businesses and believe this vertical growth strategy represents a good growth opportunity for the company. Nearer-term, the pause the company experienced in its cellular basestation business in Q4 is already dialed into estimates and we expect this business to reaccelerate over the next couple of quarters and drive additional growth...HITT is already designed into a major weapons system which is expected to contribute to revenue in 2010, accelerating in 2011. If the company and its partner are successful, we think the program could last 8 to 12 years and represent $25-$30 million in annual revenue for HITT."