Ceva initiated with a Buy at TD Cowen

TD Cowen analyst Joshua Buchalter initiated coverage of Ceva (CEVA) with a Buy rating and $22 price target The firm sees Ceva nearing an inflection point as it pivots from legacy handset DSPs to Smart Edge applications spanning connectivity, sensing, and on-device AI. With AI now making up about 20% of new licenses and a $125M royalty pipeline, the firm believes the market “underestimates” the company’s earnings power and “overestimates the forward handset exposure,” the analyst tells investors.