Rambus (RMBS) Valuation: Analyst Upgrades and AI Memory Momentum

Rambus (RMBS) is back in focus after William Blair initiated coverage with an Outperform rating, driven by AI-focused memory products, earnings momentum, and upcoming earnings. The stock has seen a 22.5% 30-day share price return and an 83.1% 1-year total shareholder return, but its current P/E of 54.2x is above the US Semiconductor industry average and the fair ratio of 38.5x. The market is pricing in future growth, with the upcoming industry transition to MRDIMM technology expected to expand Rambus' addressable market and drive multi-year revenue growth.