UPDATE: Barclays Reiterates Overweight on CEVA
Barclays reiterates an Overweight rating on CEVA (NASDAQ: CEVA) and a price target of $30.
Barclays notes, “On 26 June Barclays cut its handset industry estimates. We now forecast 6% growth for the overall market in 2012 and 2013, down from 8%, and 42% growth for smartphones in 2012, down from 46%. For CEVA we have left our 2Q estimates unchanged as the results reflect the 1Q12 royalties; this quarter lag means 1Q13 may be the next strong quarter for CEVA. For FY12 we reduce our estimates to revenues of $58m and EPS of $0.91 from $60m and $0.93. 2013 drops to $68m and $1.14 from $72m and $1.20. We believe that recent stock performance essentially reflects the softening handset market conditions.”
CEVA closed at $16.98 on Monday.
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