Pacific American Securities analyst Michael Cohen pointed to a footnote in the FTC opinion which notes that Rambus' 3.5% royalty rate is above the 1%-2% rate that is standard for RDRAM. Thus, says Cohen, it's possible that the remedy phase will involve capping Rambus' royalty rate at the midpoint of 1.5%.
Given that the worldwide DRAM market is $26 billion, Cohen estimates that a 1.5% royalty rate could potentially provide Rambus with $390 million in annual revenue, and by his calculations, a price target of $50 a share (Cohen personally owns shares in Rambus).
Of course, another possible scenario is that the FTC determines Rambus is entitled to zero royalties, given its belief that the standards-setting organization might have selected other technologies had Rambus not deceived it. And it's possible the commission could even decide that Rambus needs to repay its past royalties, with interest.