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Technology Stocks : Rambus (RMBS) - Eagle or Penguin -- Ignore unavailable to you. Want to Upgrade?

To: Tom Gebing who wrote (21944)	6/8/1999 12:19:00 AM
From: pompsander	Read Replies (1) \| Respond to of 93625

Isn't this Micron news coming sooner than most expected? I thought they were going to ship samples in a couple of months with production not really coming until the 4th quarter? BWDIK

To: Tom Gebing who wrote (21944)	6/8/1999 10:07:00 AM
From: Cooney1	Respond to of 93625

Price Target of $150, with short interest at 6.1 Million Shares. This won't help the shorts: 01:48am EDT 8-Jun-99 Morgan Stanley\DW (Edelstone/Cross/Gerhardy) RMBS INTC RAMBUS : MICRON HAS FINALLY JUMPED ON THE RAMBUS BANDWAGON Rambus (RMBS): Micron Has Finally Jumped On The Rambus Bandwagon Mark Edelstone/John Cross/Louis Gerhardy (415) 576-2381 Date: June 8, 1999 Industry: Semiconductors Type: Company Update ______________________________________________________________________ Rating: Strong Buy Price: $77 7/8 52-wk Range: $110-$36 Price Target: $150 ______________________________________________________________________ FY Ends ----EPS---- ----CYEPS---- Rel. P/E Sept Curr Prior P/E Curr Prior P/CYE (S&P 500) 98A $0.28 278.1x $0.30 259.6x 620% 99E $0.32 243.4x $0.34 229.1x 633% 00E $0.80 97.4x $1.20 64.9x 195% ______________________________________________________________________ Qtrly ---- 1Q ---- ---- 2Q ---- ---- 3Q ---- ---- 4Q ---- EPS Curr Prior Curr Prior Curr Prior Curr Prior 98A $0.06 $0.07 $0.07 $0.07 99E $0.08A $0.08A $0.08 $0.08 00E $0.08 $0.11 $0.23 $0.38 ______________________________________________________________________ 5 Yr. EPS Growth: 75% Debt to Cap.: 0.1% Dividend: None Mkt Cap./Rev: NM Shares Outst.: 25.0 MM Mkt Cap.: $1,947 MM ______________________________________________________________________ KEY POINTS - After the market closed yesterday, Micron Technology ($40 1/4) announced that it has delivered samples of its 128Mb and 144Mb Rambus DRAMs to Intel. - We believe that yesterday's press release from Micron marks one of the first positive announcements that the company has ever made about its commitment to Rambus. Micron currently expects to have fully qualified Rambus DRAMs in volume production in the second half of this year. - Samsung, NEC, Hyundai, Toshiba, and Siemens all appear to be further along in their deployment of Rambus's DRAM technology than Micron. However, we believe that Micron's strong financial position, technology leadership, and ability to aggressively ramp up its 0.18- micron process technology should eventually enable the company to become one of the leading suppliers of Rambus DRAMs. - We believe that Intel ($53 1/2, Strong Buy) is solidly on schedule to introduce its 820 chipset (code named Camino) and support the launch of Rambus DRAM-based PCs in September. We believe that RMBS offers significant upside potential in the near and long term, and Micron's support should be viewed as a near-term psychological positive for the stock. The information and opinions in this report were prepared by Morgan Stanley & Co. Incorporated ("Morgan Stanley Dean Witter"). Morgan Stanley Dean Witter does not undertake to advise you of changes in its opinion or information. 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