Jefferies Raises Price Target on Rambus (RMBS) Following 3Q Report
- Techs buoy S&P, Nasdaq; Goldman pushes Dow to record high
- Buy Any Seasonal Market Weakness Ahead of Year End Rally - Oppenheimer (SPY)
- Oil hits 16-month high in buying rush after OPEC agreement
- Consolidated Communications (CNSL) to Acquire FairPoint Communications (FRP) in $1.5B Deal
- Berkshire Hathaway (BRK-A) Book Value Could Be Boosted by $29B from Trump Tax Plan - Analyst
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Goldman Sachs Downgrades Marvell (MRVL) to Sell
- Jefferies Raises Price Target on Illinois Tool Works (ITW) Following Analyst Day
- UPDATE: Stifel Upgrades TripAdvisor (TRIP) to Hold
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesJefferies & Co, Earnings, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!