Chardan Capital Markets analyst Marc Estigarribia reiterated a Buy rating and boosted its price target on CEVA Inc. (NASDAQ: CEVA) to $27.00

Estigarribia commented, "CEVA is well-positioned as a major participant in the smartphone/ LTE evolution growth cycle fueled by the continued ramp up in China (mid-range) and India (low-end). Expect acceleration to pick up for CEVA in 2016 and 2017 stemming from its non-baseband divisions ie vision products, and infrastructure ramp up, respectively. Its R&D/innovation focuses on five main areas, which help maintain its strategic competitive advantage, namely Connectivity (WIFI/Bluetooth), Imaging of Vision (Autos/ Surveillance), Sensing/Communication, LTE Processing/ M2M and Base Stations/ Infrastructure."

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Shares of CEVA Inc. closed at $24.86 yesterday.