Ceva price target raised to $40 from $25 at Roth MKM

Roth MKM raised the firm’s price target on Ceva (CEVA) to $40 from $25 and keeps a Buy rating on the shares. The company reported revenue and EPS reflecting continued strong licensing and royalty momentum with newer non-baseband portfolio offerings, and the firm expects steady continued licensing opportunity across connectivity, communications infrastructure, and Edge AI driving royalty growth over the next several quarters, the analyst tells investors in a research note.