Canaccord Genuity analyst Michael Walkley maintained a Buy rating on Ceva (CEVA) today and set a price target of $35. The company’s shares opened today at $29.06.
Walkley wrote:
“We believe a significant growth driver in 2020 and beyond is the base-station chipset opportunities with three of the top five global OEMs having adopted CEVA’s XC12 platform. In addition, we believe Intel will maintain its 100% modem share in new iPhones through at least the new iPhones launching in fall 2020, and share gains by this CEVA customer should support royalty growth trends through 2020. With management continuing to execute on driving growth in cellular IoT, AI, sound, computer vision, Bluetooth and WiFi, CEVA continues to diversify its portfolio and expand its TAM. We reiterate our BUY rating as we believe the company has a strong and diversifying licensing base to drive steady long-term and high-margin royalty growth but decrease our estimates and price target from $41 to $35.”
According to TipRanks.com, Walkley is a 5-star analyst with an average return of 12.0% and a 57.9% success rate. Walkley covers the Consumer Goods sector, focusing on stocks such as Digi International Inc, BlackBerry Limited, and Skyworks Solutions.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Ceva with a $25 average price target.
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The company has a one-year high of $41.50 and a one-year low of $20.40. Currently, Ceva has an average volume of 149.6K.
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CEVA, Inc. engages in the provision of signal processing internet protocol. It operates through the following geographical segments: United States, Europe and Middle East, and Asia Pacific. Its products include digital signal processing cores, connectivity platforms, and development environment.
