UPDATE - Barclays Initiates Coverage on CEVA Inc. (CEVA) with an Overweight; The Next 'ARM' of Growth in Mobile
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Price: $27.81 -1.14%
Rating Summary:
17 Buy, 5 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
17 Buy, 5 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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UPDATE - Barclays initiates coverage on CEVA Inc. (NASDAQ: CEVA) with an Overweight. PT $32.
Barclays analyst says, "We see three key reasons to own CEVA: 1) Ceva is the market leader in baseband DSP architecture and should grow from 36% to 55% share over the next two years; 2) Ceva enters the 4G/LTE market with a strong customer base and position, in 2G/3G it had to catch up; 3) Ceva is well positioned for next-generation DSP growth in emerging mobile applications."
"Lumpiness, market trends and valuation: As a small IP company Ceva's largest risks are short-term volatility and market shifts. We believe that the growth opportunity and peer analysis supports our use of a 30x 2012e non-GAAP EPS to drive our $32 price target, subtracting cash the P/E drops to 24x. We recognize that the richness of the valuation leaves little room for execution error."
To see all upgrades/downgrades on shares of CEVA, visit our Analyst Ratings page.
Barclays analyst says, "We see three key reasons to own CEVA: 1) Ceva is the market leader in baseband DSP architecture and should grow from 36% to 55% share over the next two years; 2) Ceva enters the 4G/LTE market with a strong customer base and position, in 2G/3G it had to catch up; 3) Ceva is well positioned for next-generation DSP growth in emerging mobile applications."
"Lumpiness, market trends and valuation: As a small IP company Ceva's largest risks are short-term volatility and market shifts. We believe that the growth opportunity and peer analysis supports our use of a 30x 2012e non-GAAP EPS to drive our $32 price target, subtracting cash the P/E drops to 24x. We recognize that the richness of the valuation leaves little room for execution error."
To see all upgrades/downgrades on shares of CEVA, visit our Analyst Ratings page.
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