Buy the Weakness in CEVA (CEVA), Oppenheimer Says

Oppenheimer analyst Andrew Uerkwitz reiterated an Outperform rating and $23 price target on CEVA Inc. (NASDAQ: CEVA), telling clients the second-half looks strong and to "buy the weakness." Shares of CEVA sold off 11.5% yesterday following Q1 results.

Uerkwitz commented, "We've been talking about inflection points for a long time with CEVA. We see it prudent to put the word to rest as the inflection point has passed. With several high-profile OEMs wins, share shifting in CEVA's favor, and contributions starting to pick up from non-baseband, we believe the company is entering a sustained cycle of y/y growth. This should accelerate in the back half of the year as we see material contributions from 4G/LTE basebands offsetting any weakness from older basebands. We take up our 2015 EPS estimate by two cents and reiterate our PT and Outperform rating."

The firm raised 2015E EPS slightly from $0.39 to $0.41.

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 $18.45 yesterday.

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