QuickLogic price target raised to $12 from $10 at Oppenheimer

Oppenheimer raised the firm’s price target on QuickLogic to $12 from $10 and keeps an Outperform rating on the shares. The firm notes QuickLogic reported Q3 results in line with consensus. Management reaffirmed its FY23 guidance of above 30% revenue growth and non-GAAP profitability driven by the $15M contract’s partial second half of the year contributions, net sales pipeline growth of $22M in Q3, and accelerated conversion of the sales funnel.