Rambus price target raised to $85 from $80 at Wells Fargo

Wells Fargo raised the firm’s price target on Rambus to $85 from $80 and keeps an Overweight rating on the shares. Wells Fargo continues to expect Rambus’ interface chip sales to accelerate in FY24, driven by normalization of DDR4 inventory and the industry transition to DDR5, and feels Rambus is more likely to exceed revenue expectations in FY25 vs. FY24, driven by companion chip sales, the analyst tells investors in a research note.