Rambus (NASDAQ:RMBS) trades at $112.92 after a 32.29% pullback over the past month, earning a HOLD rating from 24/7 Wall St., which sets a price target of $110.76, implying a -1.91% move over the next 12 months. The company dominates DDR5 and HBM4E memory markets, with product revenue rising 15% YoY on AI server demand, but 26 insider sells, zero buys, and a DOJ antitrust subpoena cloud the bull case. Q1 FY26 revenue came in at $180.19 million, up 8.1% YoY, narrowly meeting expectations, while non-GAAP EPS of $0.63 came in just under the $0.64 consensus. Royalties slipped from $74 million to $69.6 million. FY2025 revenue rose 27.13% to $707.63 million, and operating income jumped 45.34%. Bulls point to a consensus analyst target of $144.57 and a bull-case trajectory reaching $173.57 by July 2027, a 53.71% return, driven by memory demand for AI inference. However, at a 54 trailing P/E and 17x sales, expectations are elevated, royalty revenue is shrinking, and operating margin compressed to 42% from 46%.