UPDATE: Wunderlich Securities Cuts PT to $33 on CEVA

Wunderlich Securities lowers its price target from $36 to $33 on Buy-rated CEVA CEVA on headwinds for the company's largest royalty payer. Wunderlich Securities notes, "The strength of Samsung (5930-KRX – NR) appears insufficient to offset other headwinds for Intel (INTC – NR), which we believe to be largest royalty payer to CEVA (CEVA), and other customers. We are adjusting our H212-2013 forecast to reflect greater impact from challenges at Nokia (NOK1V - €3.03, Hold), including potential for delay in the transition to 3G for relatively stable lowend offerings. We maintain our Buy rating on CEVA and still expect growth to accelerate in H212, but at a more moderate pace than our prior forecast." CEVA closed at $22.37 on Wednesday.