Ceva price target lowered to $25 from $30 at TD Cowen

TD Cowen analyst Matthew Ramsay lowered the firm’s price target on Ceva to $25 from $30 and keeps an Outperform rating on the shares. The firm said sequential growth in royalties more than offset by sharp slowdown in licensing driven by a weak start-up funding environment causing belt-tightening and project rationalization across the ecosystem. With conditions expected to remain muted for the next few quarters financials will be dependent on royalty recovery.