Benchmark Company Reiterates Buy Rating, $21 PT on Ceva

In a report published Wednesday, Benchmark Company reiterated its Buy rating and $21.00 price target on Ceva

. Benchmark Company noted, “Following 4Q12 results, we reiterate our Buy rating. While CEVA has not demonstrated the ability to grow overall revenue for several quarters, despite growth in royalty units (4% growth in FY12), we believe CEVA is well positioned to capture market share in cellular and non-cellular DSP applications. We continue to believe CEVA should experience accelerating revenue in the 2013 timeframe, driven by growth in 3G/4G royalties. In the meantime, the share price should be supported by current profitability and a strong balance sheet ($6.77/share in cash).” Ceva closed on Tuesday at $15.06.