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Technology Stocks : DLB Dolby Laboratories

DLB 66.38

+0.1%

9:30 AM EST

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From: Cooters	2/7/2022 3:41:03 PM
	of 324

CFRA MAINTAINS HOLD OPINION ON SHARES OF DOLBY LABORATORIES INC. 12:05 am ET February 7, 2022 We trim our 12-month target price to $90 from $94, on a P/E of 24x, below its peer average on a less positive outlook, using our FY 22 (Sep.) EPS estimate. We lower our '22 EPS forecast to $3.76 from $3.92 and our '23 EPS view to $4.30 from $4.40. DLB posted sales of $352M, a miss of $10.6M, while non-GAAP EPS was $1.01, below consensus of $1.06. Revenue fell 10% Y/Y from lower licensing fees and shipment volumes for its foundational audio technologies in the gaming and consumer electronic markets (negative $6M true-up). Supply chain issues are casting significant uncertainty for the industry, and we expect DLB's licensing performance to be at risk in the short term. This is offset partially by DLB making in-roads in expanding partnerships with major brands to incorporate Dolby Vision and Atmos in more electronic products, and benefitting from higher adoption of these technologies. Guidance for Q2 signals conservative expectations, and DLB is likely to see pressures on both its top and bottom line in FY 22.

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