Benchmark Reiterates Buy, $36 Target on Ceva

Benchmark maintains its Buy rating and $36 target price on Ceva

following takeaways from meetings with management. Benchmark comments, “In recent weeks, a handful of negative data points have emerged indicating the cell phone supply chain may be showing signs of weakness. In spite of these isolated areas of weakness (e.g. RFMD, Intel baseband, Broadcom baseband, HTC, etc.), we believe CEVA's 4Q11 and 1Q12 should track at least in line with consensus. We also believe the FY12 consensus revenue forecast is somewhat conservative.” CEVA closed at $27.09 per share on Tuesday.