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UPDATE: Wunderlich Downgrades Ceva, But Notes Positive Environment

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Wunderlich on Thursday morning downgraded shares of Ceva (NASDAQ: CEVA) from Buy to Hold and raised prcie target from $20 to $16.

Analyst Matthew Robinson sees a positive environment for the company and notes its strong licensing involving "a large scale merchant semiconductor company commitment to CEVA for infrastructure products, two mobile baseband licenses and a serial communication license."

Robinson also noted CEVA's strong balance sheet performance with free cash flow nearly 40 percent above non-GAAP.

Despite a bullish view, Robinson does warn, "we expect new 3G models at price points that stimulate mass market demand to emerge as a catalyst, but not until several quarters from now....royalty visibility is exceptionally poor right now and after two stellar licensing periods, guidance has grown more cautious about closing deals as well."

Ceva closed Wednesday at $16.23, up $0.12 from the day's open.

Latest Ratings for CEVA

DateFirmActionFromTo
Sep 2016Roth CapitalInitiates Coverage onBuy
Jan 2016Ladenburg ThalmannUpgradesNeutralBuy
Dec 2015WunderlichUpgradesHoldBuy

View More Analyst Ratings for CEVA
View the Latest Analyst Ratings

Posted-In: Matthew Robinson WunderlichAnalyst Color Downgrades Analyst Ratings

 

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