Oppenheimer Issues a Buy Rating on Ceva

By Ryan Adsit

Oppenheimer analyst Andrew Uerkwitz reiterated a Buy rating on Ceva (NASDAQ: CEVA) today and set a price target of $37. The company’s shares closed yesterday at $35.10.

Uerkwitz noted:

“CEVA reports March-quarter results on 5/4 before the bell. With good visibility into licensing, and royalty being reported one quarter in arrears, we expect an in-line 1Q17. We are a little cautious on June guidance, however, as our checks indicate a bit of channel inventory in China. We lower our numbers for June slightly, but do not see anything in our checks to indicate our medium/long-term Outperform thesis should change. We continue to believe a shift to 4G (improves ASP), share gains at Apple (improves units), and non-mobile (diversification) will drive strong growth for CEVA over the long term.”

According to TipRanks.com, Uerkwitz is a 4-star analyst with an average return of 5.9% and a 55.7% success rate. Uerkwitz covers the Technology sector, focusing on stocks such as Activision Blizzard, Tower Semiconductor, and Himax Technologies.

Ceva has an analyst consensus of Strong Buy, with a price target consensus of $39.50.

Based on the recent corporate insider activity of 32 insiders, corporate insider sentiment is neutral on the stock. Most recently, in August 2016, Bruce Mann, a Director at CEVA sold 24,204 shares for a total of $770,897.

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CEVA, Inc. engages in the provision of signal processing internet protocol. Its products includes digital signal processing cores, connectivity platforms, and development environment. The company was founded on November 22, 1999 and is headquartered in Mountain View, CA.