Jefferies analyst Sundeep Bajikar bumped estimates and his price target on Rambus Inc. (NASDAQ: RMBS) to $13.00 (from $12.00) following Q1 results but maintained a Hold rating. The analyst noted licensing progress.

commented, "Rambus has announced multiple new licensing agreements so far this year, with each agreement potentially raising the company's base of recurring revenues. This makes us incrementally more positive on the stock. Our non-GAAP EPS estimates remain virtually unchanged, and we could become more constructive with higher visibility into timing and magnitude of revenue generation from new licensing agreements."

The firm raised FY 2015 EPS from $0.28 to $0.34 and FY 2016 EPS from $0.38 to $0.42.

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Shares of Rambus Inc. closed at $12.77 yesterday.