UPDATE: QuickLogic (QUIK) PT Raised to $9.50 at Oppenheimer

Oppenheimer analyst Martin Yang raised the price target on QuickLogic (NASDAQ: QUIK) to $9.50 (from $8.00) while maintaining a Outperform rating.

The analyst comments "QUIK reported 3Q21 sales of $3.9M, its highest since 3Q15. The company continues to make significant progress expanding its pipeline of high margin licensing sales opportunities across a variety of end market applications. Also, the company saw stable sales visibility from handset OEM customers throughout 2022 and after. The positive development and customer engagement momentum give management the confidence to guide another 50% sales growth in 2022, with another major step up in gross margin and profitability in 2H22. We believe the firm's pivot to open source FPGA and an ecosystem approach is validated and will likely lead to further improvement in customer diversification and margin expansion. Reiterate Outperform and raising PT to $9.5 from $8.0."

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