UPDATE: JP Morgan Upgrades Rambus to Overweight on Valuation
JP Morgan raised its rating on Rambus (NASDAQ: RMBS) from Neutral to Overweight with a reiterated $7 price target.
JP Morgan noted, "After falling 46% year-to-date (S&P 500 up 8.1%), we think the stock, trading at trough-level multiples, is now largely de-risked. At $4.00-$4.50 we think investors are limited from further downside by the value of SBG contracted revenue (even without renewals) plus cash on hand, and the break-up value of the LED and CRI new businesses. We believe a potential settlement with Hynix presents near-term upside for short-term investors."
Rambus closed at $4.07 on Friday.
Latest Ratings for RMBS
|Jul 2014||JP Morgan||Maintains||Overweight|
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