Cantor Fitzgerald Reiterates Buy on CEVA

In a research report published earlier today, Cantor Fitzgerald has reiterated its Buy rating and $40 PT on CEVA Inc. CEVA following its breakthrough at HTC. According to Cantor Fitzgerald, “At Mobile World Congress (last week) the buzz largely surrounded high-end smartphone launches where CEVA excelled (Samsung, ZTE, LG, NOK, and MMI) and finally cracked QCOM's vise-grip at HTC, by getting into the widely-heralded ONE-X. While the LTE ONE-X will still use a QCOM baseband (BB), the global HSPA platform will inaugurate CEVA DSPs via an Intel BB and a sizzling NVDA Tegra-3 application processor.” Ceva closed yesterday at $24.82.