Ceva price target raised to $29 from $25 at Oppenheimer

Oppenheimer raised the firm’s price target on Ceva to $29 from $25 and keeps an Outperform rating on the shares. The firm notes Ceva reported mostly in-line Q4 revenue/adjusted EPS of $24.2M/10c vs. the Street’s $24.3M/6c. Management believes its strong licensing pipeline and customer engagements in new end-markets will drive sequential, back-half-loaded growth through 2024. Oppenheimer remains bullish on its long-term outlook driven by device growth, higher content per device, and higher ASPs.