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WR Hambrecht Cuts Rambus to Hold


From Standard & Poor's Equity Research

WR Hambrecht downgraded Rambus (RMBS) to hold from buy.

Analyst Daniel Amir says the judge in Hynix patent infringement suit cut Rambus' $306 million award to $133 million. He notes his thesis in the past few months since the Hynix win is Rambus will likely be able to collect potential damages north of $1.1 billion; now yesterday's ruling opens the door for a longer process for an appeal, and he believes it is unlikely Rambus will be able to collect such an amount in near future.

He says that the combination of the options issue Rambus is facing, a lack of positive potential catalysts in the near term, and potential delay of any settlement with DRAM companies leaves him less bullish on Rambus.


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