Ceva price target lowered to $30 from $35 at Northland

Northland analyst Gus Richard lowered the firm’s price target on Ceva to $30 from $35 and keeps an Outperform rating on the shares. Ceva missed Q2 expectations for non-GAAP earnings and licensing revenue, notes the analyst, who says royalty recovery is slowing over the next two quarters due to weak end demand.