In a report released yesterday, Andrew Uerkwitz from Oppenheimer maintained a Hold rating on Ceva (CEVA). The company’s shares closed yesterday at $25.29.
Uerkwitz said:
“CEVA reported F1Q19 revenues/non-GAAP EPS of $17M/$0.01 comparing to consensus of $17.6M/$0.03E. Despite lower 2Q guidance as expected, management maintained full-year forecasts. At its January, CEVA outlined the post- baseband look of the company. It would be one that focused on connectivity in 5G, WiFI, automotive, and IoT. It would also focus on artificial intelligence for automotive, vision, and again, IoT. Hints of this can be seen in the eight license agreements signed in the quarter that were as diverse as ever (see 2nd bullet). It could also be seen in unit shipment growth of 16% in non-handset baseband. However, uncertainty in near/ long term of mobile and slower ramp for basestations is likely to weigh heavily on 2019/2020 growth prospects.”
According to TipRanks.com, Uerkwitz is a 5-star analyst with an average return of 18.4% and a 57.3% success rate. Uerkwitz covers the Consumer Goods sector, focusing on stocks such as Axon Enterprise Inc, Turtle Beach Corp, and Universal Display.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Ceva with a $26.33 average price target, a 4.1% upside from current levels. In a report released yesterday, Northland Securities also maintained a Hold rating on the stock with a $24 price target.
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Ceva’s market cap is currently $551M and has a P/E ratio of 1045.04. The company has a Price to Book ratio of 2.24.
Based on the recent corporate insider activity of 14 insiders, corporate insider sentiment is negative on the stock.
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CEVA, Inc. engages in the licensing of signal processing platforms and artificial intelligence processors to chip manufacturers. It operates through the following geographical segments: United States, Europe and Middle East, and Asia Pacific.
