-- (Updates with latest stock price movement and analyst rating in the headline and first paragraph.)
Rambus (RMBS) shares dropped nearly 21% in Tuesday afternoon trading after Baird downgraded the stock to neutral from outperform, with a $120 price target, and the company's Q1 non-GAAP earnings missed analysts' estimates.
The company reported Q1 non-GAAP earnings late Monday of $0.63 per diluted share, up from $0.59 a year earlier.
Analysts polled by FactSet expected $0.64.
Revenue for the quarter ended March 31 was $180.2 million, up from $166.7 million a year earlier.
Analysts surveyed by FactSet expected $179.9 million.
Price: $111.77, Change: $-29.39, Percent Change: -20.82%