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Pastimes : Home on the range where the buffalo roam
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To: Boplicity who wrote (852)4/5/2000 5:28:00 PM
From: jhg_in_kc  Read Replies (1) of 13572
 
Bear turns bullish on RMBS> Networking use for RDRAM alluded to.
Rambus at $215? Much Better
Fayad Abbasi
Apr 5 2000
The Rambus rollercoaster is still in effect. However, this is the down draft, not the upward run. We issued a sell recommendation on the stock at $215 per share, based on extreme volatility in stock and market conditions. After reaching a high of $445.06, the stock is now back down to the $200 range, and we are upgrading our rating to a hold.

Rambus held an analyst meeting yesterday, focusing on the networking communications market. In our recent ?back of an envelope? valuation, we pointed out that the networking strategy would be the ?x? factor going forward. With more clarity on that now, we feel the outlook for the company is still very bright but that the stock price is also more reasonable.

Several companies have agreed to work with Rambus for sampling network processor solutions, and SiTera has even integrated Rambus technology into its Prism processor. In addition, many of the leading application specific integrated circuit (ASIC) manufacturers will support Rambus-based ASICs.

With Rambus? intellectual property business in high-bandwidth applications between chips, new markets that exploit Rambus? technology will add little to costs but could lead to significant increases in revenues and earnings. We are more optimistic about Rambus? network applications and will continue to provide updates on developments in the business model.
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