CEVA Inc's stock surged 5.05% during pre-market trading on Tuesday, following a series of bullish analyst actions that raised price targets for the semiconductor company.

The significant price movement appears to be driven by multiple analyst firms upgrading their outlook on CEVA. Notably, TD Cowen raised its price target to $45 from $24, citing strong AI licensing momentum and automotive wins as key drivers. Similarly, Oppenheimer, Stifel, JP Morgan, and UBS all increased their price targets for CEVA, with UBS setting a new target of $48.

These analyst upgrades reflect growing confidence in CEVA's business prospects, particularly in artificial intelligence licensing and automotive applications, which are seen as significant growth areas for the company.