Amtech initiates RMBS with a Buy and $28 tgt, as they believe the stock offers investors a "swing for the fences" opportunity. Firm says there are 3 scenarios investors should consider when valuing RMBS: 1) co is unsuccessful in its licensing and litigation strategy, which would value the current business at $8/; firm has assigned a 15-20% probability to this scenario; 2) RMBS is successful with its licensing and litigation strategy, but its forward royalty rates are reduced by remedy actions within the FTC; firm estimates the co could be valued at $42/share based on this scenario, and they have assigned a 35-40% probability to this scenario; and 3) RMBS is successful in its licensing and litigation strategy, resulting in forward royalties from the sales of various DRAM technologies; in this scenario firm could potentially value RMBS at $68/share; firm has assigned a 40-45% probability to this scenario. Firm believes the next catalyst for RMBS will come during the Sept/Oct timeframe as briefs are filed before the FTC and the co's pending legal action with MU will go to trial regarding the first of three phases.