CEVA Upgrading On Improving Outlook

According to Wunderlich Securities, CEVA Inc. (NASDAQ: CEVA) is upgrading on improving outlook and better price licensing new applications to yield long-term royalty acceleration.

Wunderlich Securities reported that it is encouraged by what it saw at Mobile World Congress (MWC) in mid-February, and recent exogenous events (overseas political unrest) provide price opportunity for CEVA shares (CEVA). “We are upgrading our opinion to Buy from Hold on the shares, increasing our near-term forecast slightly, initiating estimates for the out years, and raising our target to $27 from $25. We believe the company's multimedia and 4G capabilities gained incremental recognition at MWC and that the company is executing on a licensing pipeline that will yield expansion into infrastructure and applications processor markets next year and the year after.”

CEVA closed yesterday at $22.80.