UPDATE: Wunderlich Securities Lowers Price Target on CEVA to $36
According to Wunderlich Securities, CEVA (NASDAQ: CEVA) price target is lowered to $36.
Wunderlich said that CEVA, Inc. (CEVA) reported strong 4Q11 royalties, revenue, operating income, and cash flow. “Cautious guidance implies sequential decline in March quarter royalties of magnitude seen only once since 2005, during the 2009 recession. We continue to expect strong acceleration in H212, but with sequential growth from lower levels. The trim to our earnings forecast is reflected in revision of our price target to $36 from $38.”
CEVA closed yesterday at $27.01.
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