CEVA Analysts Cut Their Forecasts After Downbeat Q2 Results

CEVA, Inc. CEVA reported worse-than-expected second-quarter financial results.

CEVA reported a second-quarter FY23 revenue decline of 21% year-on-year to $26.17 million, missing the consensus of $30.62 million. Non-GAAP EPS of $(0.02) loss sharply missed the consensus of $0.07.

CEVA shares fell 12.2% to close at $22.06 on Wednesday.

These analysts made changes to their price targets on CEVA following earnings announcement.

Barclays cut the price target on CEVA from $32 to $29. Barclays analyst Tavy Rosner maintained an Overweight rating.

Rosenblatt lowered the price target on CEVA from $45 to $35. Rosenblatt analyst Kevin Cassidy maintained a Buy rating on the stock.

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