UPDATE: Topeka Capital Markets Initiates Coverage on CEVA with Buy Rating, $18 PT on Multiple Positive Factors

In a report published Thursday, Topeka Capital Markets analyst Suji De Silva initiated coverage on CEVA

with a Buy rating and $18.00 price target. In the report, Topeka Capital noted, “We are initiating coverage of CEVA Inc. with a Buy rating and an $18.00 price target. We believe that CEVA's DSP IP offering represents an investment levered to handset unit growth, with potential for continued expansion from its current 45% share position. In particular, we believe the emergence of low-end smartphones represents a positive trend for the Company.” CEVA closed on Wednesday at $16.03.