NEW YORK ( TheStreet) -- Network infrastructure chip company Mindspeed Technologies ( MSPD) is clawing its way back up the stock charts. Back in 2004, shares hit a high of $50, but they fell as low as 90 cents in 2009. Success with new product designs at leading telecommunications equipment companies has brought the stock back up to $9.33 in recent trades for a gain of more than 100% since the start of the year. Mindspeed Rides Wireless Tsunami Thomas Weisel analyst Kevin Cassidy sees even more upside from here. He recently initiated coverage of the stock with an overweight rating and a 12-month price target of $12, citing a belief that the telecommunications network market is in the early stage of a major upgrade cycle. Cassidy expects Mindspeed will be able to grow revenue by as much as 9% on a sequential basis in June quarter. I had a chance to talk to CEO Raouf Halim about the increased demand for chips and the positive impact of smart phones on the company. TheStreet: So how is this boost in chip demand helping Mindspeed?Halim: Mindspeed Technology has grown dramatically over the course of the last 4 quarters. It has emerged strongly out of the downturn of late 2008, early 2009. We are now growing at roughly 9% a quarter and are very profitable and cash generating -- driven primarily by demand for infrastructure communications chips out of China, out of Japan and certainly a recovery right here in North America. TheStreet: Where do you see most of your growth focused in?Halim: We focus on what is known as next generation networking. These are the communications networks that will deliver content and services to all of us consumers in the broadband era -- both wireline and wireless. TheStreet: What is your strategy looking ahead. Where is your future?Halim: Our strategy is to develop and market very complex communication systems that we reduced to highly siliconized solutions enabling the next wave of communications within the internet as well as services. We address equipment manufacturers worldwide including some of the top tier manufacturers in China and Europe as well as North America.