Hittite Microwave (NASDAQ:HITT) to be Driven by Microwave, Cellular Strength

Hittite Microwave (NASDAQ:HITT) will perform strongly in 2011, according to Needham & Company, citing their strength in the microwave/millimeterwave and cellular infrastructure markets.

Needham says, "Given continued strength in the microwave/millimeterwave and cellular infrastructure markets, two of HITT’s three largest segments, we are increasing our 2011 revenue and non-GAAP EPS estimates to $270MM/$2.70 from $265MM/$2.55. This compares with the current consensus of $273.5MM/$2.69...2012 estimates. We are introducing 2012 revenue and non-GAAP EPS estimates of $295MM/$2.90, representing 9.2% and 7.4% growth over 2011, respectively."

Needham & Company maintains a "Buy" rating on Hittite Microwave, which closed Monday at $61.45, down $0.11, or 0.18 percent. Needham boosted their price target on them from $63 to $73.