Rambus price target lowered to $119 from $126 at Evercore ISI

Evercore ISI analyst Mark Lipacis lowered the firm’s price target on Rambus (RMBS) to $119 from $126 and keeps an Outperform rating on the shares following “disappointing” revenue and EPS guidance for the upcoming quarter that is primarily due to a quality issue with a back-end OSAT partner. Despite the one-time “packaging faux pas,” there remains potential for future growth driven by DDR5 product cycles, the analyst tells investors.