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Technology Stocks : DLB Dolby Laboratories

DLB 65.12

+0.2%

Nov 7 9:30 AM EST

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From: Cooters	1/30/2020 6:02:22 PM
	of 324

CFRA KEEPS HOLD OPINION ON SHARES OF DOLBY LABORATORIES, INC. 12:03 pm ET January 30, 2020 (CFRA) We raise our 12-month target by $5 to $72 on 20.7x our FY 20 (Sep.) EPS estimate and roughly in line with DLB's 3-year historical averages. We raise our FY 20 EPS estimate by $0.07 to $3.48 and keep FY 21's EPS of $3.93. DLB posts adjusted Dec-Q EPS of $0.64 vs. $0.74, beating the consensus of $0.49 on lower-than-expected operating expenses ($8M). Quarterly revenues were up 3.5% to $292M, topping consensus by $6M on higher-than-expected adoption of Dolby Vision and Atmos in Broadcast and Consumer Electronics. DLB reiterated its FY 20 revenue outlook of $1.3B-$1.35B, which implies the company will need to see a large step-up in growth by the second half of FY 20, enhancing execution risk, in our view. If current targets are achievable, we think DLB could see a tighter correlation between earnings and cash flow, which we positively view. We think the risk/reward tradeoff remains balanced and shares remain fairly valued at around 19.5x our FY 20 estimate.

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