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WR Hambrecht Cuts Rambus Estimates

Rambus (RMBS) posted second quarter EPS of 5 cents on a 14% revenue rise. WR Hambrecht cut its estimates on Rambus but kept its hold rating.

Analyst Daniel Amir tells S&P MarketScope Rambus cut its $42 million third quarter revenue estimate to $32 million to $35 million, mainly on the loss of Samsung as a customer. While Amir still sees Rambus executing well on new products in XDR and Serial Link, and believes in the success of the company's upcoming court case against Hynix, he recommends investors stay on the sidelines to await clarity on litigation with Hynix, Samsung, and Micron. The analyst also seeks further visibility into contract renewal talks with Toshiba and Hitachi.

Amir cut his third quarter estimates to EPS of 2 cents on $33 million in revenue from 8 cents on $42 million. He also lowered his full-year 2005 estimates to EPS of 20 cents on $154 million in revenue from 27 cents on $168 million.

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