Barclays Reiterates an 'Overweight' on CEVA Inc. (CEVA); Bumpy, But Getting In Early And Holding On Will Payoff

June 13, 2012 1:40 PM EDT Send to a Friend
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Price: $16.31 -0.67%

Rating Summary:
    8 Buy, 4 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 18 | New: 41
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Barclays reiterates an 'Overweight' on CEVA Inc. (NASDAQ: CEVA) price target of $30.00.

Analyst, Joseph Wolf, said, "We hosted several meetings with CFO Yaniv Arieli. Our overall impression was that investors understand CEVA's strong market position but that they do not see any short-term catalysts. We heard some scepticism on Nokia's (NYSE: NOK) ability to recover from a very weak first quarter. We believe that CEVA powers 100% of NOK's 2G feature phones and that this was a significant reason for the reduced 2Q12 guidance. We believe that FY12 guidance has now removed the possibility of any significant contribution from a quick transition to 3G by Nokia, and we see limited downside risk to estimates from here."

Despite recent design wins by Broadcom (Nasdaq: BRCM), Intel (Nasdaq: INTC) and Spectrum, it's all about the timing for CEVA. The Company is winning market share in non-iPhone (Nasdaq: AAPL) handsets, which leaves it well positioned, but will the re-ignition of growth hit in Q3, Q4 or in 2013...All in, analyst, Joseph Wolf, fells shares are trading at a very compelling risk/reward and expects that investors that get in early will be rewarded.

For an analyst ratings summary and ratings history on CEVA Inc. click here. For more ratings news on CEVA Inc. click here.

Shares of CEVA Inc. closed at $17.92 yesterday.


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