In a report released yesterday, Andrew Uerkwitz from Oppenheimer maintained a Hold rating on Ceva (CEVA). The company’s shares closed yesterday at $29.35.
Uerkwitz commented:
“3Q18 results and 4Q18 guidance provide us some assurance that revenue headwinds have moderated compared to 1H18. Baseband royalty unit shipment is down Y/Y again, but at a much slower rate. A high-end handset customer in the US partially offset baseband weakness with seasonal demand and higher ASP. CEVA’s non- baseband business continues its momentum due to broader connected IoT device proliferation for consumer and industrial applications. Looking beyond 2019, we believe top-line growth will resume due to stable licensing activities, favorable high- end handset comp, and moderating low-end weakness. However, we remain on the sideline for now, given uncertainty around the speed of mobile recovery and potential for a slower ramp for 5G baseband royalty.”
According to TipRanks.com, Uerkwitz is a 5-star analyst with an average return of 18.4% and a 58.9% success rate. Uerkwitz covers the Consumer Goods sector, focusing on stocks such as Axon Enterprise Inc, Himax Technologies, and Turtle Beach Corp.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Ceva with a $40 average price target.
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Ceva’s market cap is currently $646.6M and has a P/E ratio of 139.76. The company has a Price to Book ratio of 2.65.
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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.
