Rambus price target raised to $66 from $65 at Jefferies

Jefferies analyst Mark Lipacis raised the firm’s price target on Rambus to $66 from $65 and keeps a Buy rating on the shares. While Q2 EPS beat, Q3 EPS guidance missed expectations, primarily due to product revenues 19% below the Street view on continued DDR4 inventory digestion, the analyst tells investors. While the firm lowers its calendar 2023 EPS forecast by 3%, its maintains its call for $2.20-plus in 2024 EPS and $3.30-plus in 2026 EPS power as it argues that the “fundamentals remain intact.”