Capstone Investments says they see Rambus Inc. (NASDAQ:RMBS) as not being adequetely rewarded for their legal catalysts and momentum related to their licensing initiatives.
Capstone said, "We believe RMBS demonstrated its ability to license semi market leaders during FY10. As we enter FY11, we potentially expect several key legal decisions during 1H11. YTD RMBS shares have traded off 15-20%. We don't believe potential value from licensees, or potential legal damages are currently reflected in recent share price...For our new FY11 revenue estimate equals - $239M compared to - $225M."
Capstone Investments maintains a "Strong Buy" rating on Rambus Inc., which closed Tuesday at $19.94. Capstone has a price target of $45 on them.
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