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To: HEXonX who wrote (2433)	2/2/1999 10:58:00 AM
From: vincenzo	Read Replies (1) \| Respond to of 3645

Hex - Well Morgan Stanley calls it again! Rambus is certainly outperforming the market today. You know it's almost like these guys can see the future. At least a few days into the future. vincenzo

To: HEXonX who wrote (2433)	2/2/1999 11:03:00 AM
From: wily	Read Replies (1) \| Respond to of 3645

****OT******* Rambus is no joke. In their report they estimate Rambus' earnings in the $6-8 range around 2002-2003. Also note that Intel can't afford for Rambus not to become the PC standard. The trouble is that it's a very difficult transition in infrastructure, and stocks hate roadmap delays. wily/flat RMBS To: MileHigh (14919 ) From: REH Tuesday, Feb 2 1999 9:42AM ET Reply # of 14925 MS upgrades RMBS to Outperform, target $ 110.00 Key points: - Based on the recent weakness in the stock and our belief that our long-term thesis remains intact, we have upgraded our rating on RMBS to Outperform from Neutral - Our 12-month stock-price target of $ 110 was derrived by discounting the company's earning power of at least $ 6-$8 per share in the 2002-2003 timeframe. We believe the potential to use a lower discount rate once Direct Rambus DRAM's are shipping in high volume suggest that this stock price target could have meaningful upside. - Due to a reduction in earnings estimates following a previous slip in Intel's 820 chipset (Camino) schedule and concerns that the schedule has slipped again, RMBS has come under selling pressure during the last several weeks. - While it appears that Intel's chipset schedule has slipped further, we believe that our current earnings estimates remains achievable and potentially concervative. More important, we believe that the recent weeakness in RMBS has already largely discounted the schedule delays, and we believe the stock will find solid support in the mid 60's to low 70's - We believe that Rambus' technology is extremely important to Intel's processor roadmap, and the failure to drive Direct Rambus DRAMs into the mainstream PC market would probably threaten Intel's long-term business model. Consequently, we believe Intel is highly motivated to solve any remaining technical issues and ramp the Rambus memory arcitecture into the mainstream PC market in the second half of 1999 reh