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Technology Stocks : DLB Dolby Laboratories

DLB 65.12

+0.2%

Nov 7 9:30 AM EST

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To: Cooters who wrote (193)

5/1/2019 4:57:15 PM

From: Cooters

of 324

I would think CFRA has to come back and reverse this from April 10th....

CFRA LOWERS OPINION ON DOLBY LABORATORIES, INC. TO SELL FROM HOLD
2:51 pm ET April 10, 2019 (CFRA)
We lower our 12-month target to $59 from $71 on a forward P/E of 20x our FY 19 (Sep.) EPS estimate, above DLB's 5-year historical average of 19.3x. Our downgrade reflects the belief that DLB's FY 19 revenue outlook (midpoint of $1.26B) could be overly optimistic, given the steady rise in accounts receivable (57 days y/y) and FY 18 revenues coming in $40M below expectations set in Dec-Q (despite FY 19's outlook remaining unchanged) following the ASC 606 recast. We also note a large uptick in licensing revenue is likely needed to achieve full-year revenue estimates (30%+ growth in second half FY 19), despite tough comparables in DLB's key growth segment (Mobile) and negative impacts following new accounting standards. Although the once-a-year licensing recovery from Apple should be recognized in Mar-Q, soft overseas trends could delay the adoption of Dolby Audio and Vision into new mobile ecosystems, constraining growth, in our view. We reduce our FY 19 EPS estimate to $2.95 from $3.02.

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Plus here's the first look on guidance

*Dolby Laboratories Sees Sees Q3 Adk/ EPS $0.62-$0.68 vs $0.56 Est., Sales $295M-$315M vs $304.26M Est.; Sees FY19 Sales $1.24B-$1.28B vs $1.25B Est.

Benzinga

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