UPDATE: Wunderlich Securities Lowers PT to $28 on CEVA; Outlook Dissapoints

Wunderlich Securities reduces its price target from $33 to $28 on Buy-rated CEVA

as a solid first quarter report was accompanied by a cautious outlook. Wunderlich Securities says, "CEVA reported a solid first quarter, but gave disappointing outlook commentary that reflects a tough March quarter for much of the industry (CEVA royalties are recognized a quarter after licensee shipments) and delayed adoption of more capable/higher price technology by Nokia (NOK1V-€3.58, Hold). We are taking our estimates down and revising our 12-month price target from $33 to $28 along with them. However, we regard the long term outlook for the company to be as strong as ever and continue to recommend purchase of the shares with a Buy rating." CEVA closed at $17.55 on Wednesday.