JPMorgan Lowers Rambus (RMBS) to Neutral Following 45% Run; Cautious on ITC, Patent Cases

Shares of Rambus (Nasdaq: RMBS) are down about 2 percent ahead of the bell Monday as J.P. Morgan cut its rating on the stock from Overweight to Neutal, keeping a $6.50 price target.

Following a 45 percent climb in Rambus stock since May 18th, JPMorgan said it didn't see a clear catalyst for the movement. The downgrade comes as JPMorgan is becoming a little more cautious on Rambus moving forward.

JPMorgan has low expectations for a favorable outcome in a pending International Trade Commission (ITC) antitrust case and well as pending patent litigation.

Despite the downgrade, JPMorgan sees a support level at $4.25, a 30 percent discount to last Friday's close at $6.09.

For an analyst ratings summary and ratings history on Rambus Inc. click here. For more ratings news on Rambus Inc. click here.

Shares of Rambus Inc. closed at $6.09 yesterday.

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