Wunderlich Securities Raises Price Target On CEVA On Positive Outlook Ahead Of Report

In a report published Thursday, Wunderlich Securities analyst Matthew S. Robison reiterated a Buy rating on

, and raised the price target from $20.00 to $21.00. In the report, Wunderlich Securities noted, “Buy-rated CEVA (CEVA) is to report 4Q14 before regular trading February 3. We expect a good quarter and outlook relative to expectations, but against a tough comparison. The year-ago quarter was a catch-up period after licensing deals slipped out of 3Q13. We model 4Q14 licensing of $7.2mm to be nearly as strong as the $7.3mm of 4Q13. Part of the strength is from the July RiveraWaves acquisition, which came just in time for a wave of Internet-of-Things connectivity demand, but we believe demand has also picked up for interface technology. We also expect an improving outlook for WCDMA and LTE royalties. No change in our forecast at this time, but more positive bias combined with the effect of time on our intrinsic value calculation has us raising our 12-month price target to $21 from $20.” CEVA closed on Wednesday at $18.23.