Loop starts Rambus at Buy, says shares inefficiently priced

Loop Capital analyst Gary Mobley initiated coverage of Rambus (RMBS) with a Buy rating and $70 price target The firm views Rambus’ technology, in all forms of commercialization, as a key enabler to solving the memory bottleneck that exists in data center high-performance compute applications. With the shares down nearly 20% year-to-date, the firm believes shares have become inefficiently priced, with the inefficiency caused by the misperception that Rambus’ memory interface chipset business is levered only to general purpose data center compute.