In a report released today, Andrew Uerkwitz from Oppenheimer maintained a Hold rating on Ceva (NASDAQ: CEVA). The company’s shares opened today at $30.05, close to its 52-week low of $27.35.
Uerkwitz commented:
“CEVA is facing a handful of near-term challenges that are masking the solid execution of the longer term strategic direction. Unfortunately, these near-term issues aren’t going away any time soon: 1) weak mobile, 2) ZTE political issues, 3) slower design cylces for AI/CV/voice. Mobile inventory issues are causing softness in the core baseband segment (unit shipments down 45%). Political issues related to ZTE have caused CEVA to remove revenue related to the company from its guidance. And finally, while non-baseband revenue is ramping (Nokia base stations expected to ramp 2H18), and the licensing pipeline remains robust, it’s not enough to offset the core business yet. Put together, it’s clear that while CEVA is executing, the industry has headwinds. Remain Perform.”
According to TipRanks.com, Uerkwitz is a 5-star analyst with an average return of 15.5% and a 61.6% success rate. Uerkwitz covers the Consumer Goods sector, focusing on stocks such as Axon Enterprise Inc, Himax Technologies, and Turtle Beach Corp.
Ceva has an analyst consensus of Moderate Buy, with a price target consensus of $44.
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Ceva’s market cap is currently $755.7M and has a P/E ratio of 45.07. The company has a Price to Book ratio of 3.09.
Based on the recent corporate insider activity of 30 insiders, corporate insider sentiment is negative on the stock.
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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.
