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Equities researchers at Benchmark Co. started coverage on shares of QuickLogic Corp. (NASDAQ:QUIK) in a research report issued on Tuesday, reports. The firm set a “buy” rating and a $5.50 price target on the stock. Benchmark Co.’s price target points to a potential upside of 66.67% from the company’s current price.

The analysts wrote, “We are initiating coverage of Quicklogic with Speculative Buy rating and $5.50 price target. Quicklogic is a 25 year old company focused on developing programmable logic integrated circuits (ICs). To differentiate from competition, the company has positioned products as being customer specific standard products (CSSPs), meaning customers can customize aspects of Quicklogic’s ICs, but yet, experience the cost and power consumption benefits of a hard logic IC. Many investors may wonder how we can be positive on a company that has been around since 1988, but yet, is forecasted to generate only ~$25.0 million in revenue during FY13. The important thing to emphasize is how the company has changed strategy within the past few years, an effort catalyzed by a fresh set of top-level management. Based on these recent changes, we believe it is likely the company can tap into many more revenue streams.”

Shares of QuickLogic Corp. (NASDAQ:QUIK) opened at 3.30 on Tuesday. QuickLogic Corp. has a one year low of $1.88 and a one year high of $4.17. The stock’s 50-day moving average is $3.40 and its 200-day moving average is $2.70. The company’s market cap is $147.8 million.

QuickLogic Corp. (NASDAQ:QUIK) last issued its quarterly earnings data on Wednesday, October 30th. The company reported ($0.04) earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.05) by $0.01. The company had revenue of $9.10 million for the quarter, compared to the consensus estimate of $6.00 million. During the same quarter in the previous year, the company posted ($0.05) earnings per share. The company’s revenue for the quarter was up 145.9% on a year-over-year basis. On average, analysts predict that QuickLogic Corp. will post $-0.26 earnings per share for the current fiscal year.

QuickLogic Corporation develops and markets semiconductor solutions. It is a fabless semiconductor company that designs, markets and supports primarily Customer Specific Standard Products (NASDAQ:QUIK), and Field Programmable Gate Arrays (FPGAs), associated design software and programming hardware.

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