Jefferies Raises Price Target on Rambus (RMBS) Following 3Q Report
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Jefferies reiterated a Hold rating on Rambus Inc. (NASDAQ: RMBS), and raised the price target to $13.50 (from $12.50), following the company's 3Q earnings report. RMBS reported sales/EPS of $89.9M/$0.16, 380bps and 4c above consensus, respectively. RMBS's 4Q sales/EPS outlook midpoints of $96M/$0.16 are above consensus $93.1/$0.15, reflecting the first full quarter since the closing of the acquisition of IPHI's memory buffer business.
Analyst Mark Lipacis commented, "RMBS's results and outlook were above consensus, with upside in the quarter coming from royalties, incremental licensing deals, and memory buffers. It signed NVDA and XLNX as licensees in 3Q16, demonstrating extension of its IP model beyond memory. After an acquisitive phase and a CFO transition, we think RMBS's focus shifts toward execution, and we could become more constructive on visibility into its SerDes business and in-field provisioning model."
Shares of Rambus Inc. closed at $11.99 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesJefferies & Co, Earnings, Definitive Agreement
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