UPDATE: Topeka Capital Lowers PT on CEVA Following Preannouncement of Lower 3Q13 Revenue, Higher Expenses

In a report published Thursday, Topeka Capital Markets analyst Suji De Silva reiterated a Buy rating on CEVA (NASDAQ: CEVA), but lowered the price target from $20.00 to $18.00.

In the report, Topeka Capital Markets noted, “CEVA preannounced lower 3Q13 revenue and higher expenses this morning. However, we expect licensing to recovery and believe that recurring royalties remain on-track. We are also encouraged by the diversity of new license customers beyond core baseband. While we are lowering our price target from $20 to $18 to reflect lower estimates, we are maintaining our Buy rating.”

CEVA closed on Wednesday at $15.13.