UPDATE: Oppenheimer Initiates CEVA at Outperform

Oppenheimer is out with its report today on CEVA (NASDAQ: CEVA), initiating CEVA at Outperform.

In a note to clients, Oppenheimer writes, "We are initiating on CEVA Inc. with an Outperform rating and a price target of $34. CEVA is a quality name which leads in both market share and technology advances in the baseband DSP segment; it enters the 4G/LTE market from a strong position after successfully playing catch-up in the 2G and 3G markets, and its track record bodes well as it enters new segments: tablet computing, internet enabled televisions, connected infrastructure, and smart grid. We believe CEVA's recent growth trend—12% in 1Q09 to 26% in 1Q10 to 40% in 1Q11—is sustainable. Further, we believe 50% is achievable this year."

At the time of posting, shares of CEVA were trading at $30.37, up 8.73% from Tuesday's close.