The analyst firm set a price target of $17 for the semiconductor company. DA Davidson expects QLogic to report earnings of 99 cents a share for fiscal 2015, and $1.02 a share for fiscal 2016.
"While the Fibre Channel market in general is mature, supplying network connectivity for storage devices is still in the growth stage, as new high-speed storage systems need fast access to servers," analyst Mark Kelleher wrote. "QLGC has a particularly strong position supplying host/bus adapters (HBAs) to storage OEM customers. As Fibre Channel migrates from 8 gigabit to 16 gigabit speed, a new Fibre Channel product cycle should emerge to further drive growth."
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Separately, TheStreet Ratings team rates QLOGIC CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate QLOGIC CORP (QLGC) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and increase in stock price during the past year. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity and feeble growth in the company's earnings per share."