** Shares of Ceva CEVA.O, licensor of silicon and software intellectual property solutions for connected devices, down 8.6% premarket to $21.55 as co looks to raise equity

** Rockville, Maryland-based co late Mon commenced 3 mln share offering, saying to increase financial flexibility, obtain capital and boost its public float

** It intends to use net offering proceeds to fund potential acquisitions or investments, for working capital, capex, share repurchases, among other purposes

** Ceva has ~24 mln shares outstanding

** JP Morgan is lead bookrunner, joined by UBS as junior active bookrunner for offering

** Shares, which have fallen prior three sessions, down 25% YTD through Mon

** 5 of 6 analysts rate CEVA "strong buy" or "buy", 1 rates "hold"; their median PT is $35, per LSEG

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))