UPDATE: Benchmark Company Initiates Coverage on QuickLogic as Company Can Tap Into More Revenue Streams

In a report published Tuesday, Benchmark Company analyst Gary Mobley initiated coverage on

with a Speculative Buy rating and $5.50 price target. In the report, Benchmark Company noted, “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.” QuickLogic closed on Monday at $3.30.