Hittite Microwave (HITT) is a leading analog company. With margin expansion, new product introductions, a diversified revenue base, and recovery in demand in the millimeter/microwave market, we remain positive on HITT. Business remains strong due to the fact that the company sells directly to its customers. Although, 1Q09 was the first sequentially down quarter in six years as a result of weak global economic environment and slowdown in end market demand, the 2Q is expected to grow sequentially. We believe Hittite is better positioned than its peers should the outlook for tech deteriorate given its international exposure and less cyclical target markets. We maintain our Buy rating on HITT shares, and raise our six-month price target to $45.00.