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Hittite Microwave Corporation (HITT) Message Board

  • cannoncruz cannoncruz Oct 27, 2007 9:44 AM Flag

    Lehman report

    LEHMAN BROTHERS | Equity Research
    Hittite Microwave Corp. (HITT): Steady Progress in Difficult Climate
    Stock Rating: 1-Overweight
    Sector Rating: 2-Neutral
    Price: US$ 43.99
    Price Target: US$ 50.00
    Current Year EPS:
    Next Year EPS:
    Market Cap:
    �� Our estimates move higher on better 3Q and a healthy outlook and likely remain conservative.
    �� Revenues of $39.9 million, up 6% QoQ came in ahead of our $39.0 million estimate. Strong sales continue in
    micro/millimeterwave, cellular infrastructure and broadband.
    �� Micro/Millimeterwave, cellular and military remain top end markets by revenue at a combined 71% of sales.
    �� Despite an uncertain cellular infrastructure outlook, Hittite continues to outpace end market growth through
    customer penetration and new product introductions.
    �� Hittite's gross margin of 71% was steady with last quarter and guidance. We model 70.5% in Dec &
    conservatively remain at 68% in CY08.
    �� Better sales and gross margin guidance lifts our EPS estimate in December to $0.44 from $0.38.
    �� Off a higher CY07 base, our CY08 estimates are raised to $185.4 million and $1.79 EPS (from $1.74)
    �� We continue to see our estimates as conservative and see $2.00+ as possible EPS in 2008 if Hittite grows
    revenue 25% YoY and keeps 70 - 71% GM.
    �� We maintain our $50 price target.
    October 26, 2007

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