Ceva price target lowered to $28 from $35 at Rosenblatt

Rosenblatt lowered the firm’s price target on Ceva to $28 from $35 and keeps a Buy rating on the shares. While Ceva “turned in a report that was roughly inline with consensus excluding the expected sale of Intrinsix business,” the firm thinks the rebound of the Licensing business and the Royalty business “may be more gradual than we had previously expected,” the analyst tells investors.