Evercore ISI initiated coverage of Rambus (RMBS) with an Outperform rating and $71 price target The firm calls Rambus “a unique stock w/in Semis that offers the offensive characteristics of a strong product cycle and defensive characteristics of high FCF associated with its consistent IP business.” The firm models Rambus share gains in the RDIMM server-chipset market will drive 31% compound annual growth in its product revenue from calendar 2024 through 2028 due to the transition to next gen DDR5 memory and higher memory attach per CPU, the analyst tells investors.
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