B.Riley FBR analyst Eric Wold maintained a Hold rating on Dolby Laboratories (DLB) today and set a price target of $67. The company’s shares closed yesterday at $71.58.
“We are revisiting Dolby Laboratories (DLB) after our meeting with management on Monday, 12/3. We came away from that meeting with a more positive view around the company’s position within the emerging HDR technology segment and an opportunity to see evidence of increased Dolby Vision penetration at CES in early January. We downgraded DLB to a strong move in the shares and some concerns coming out of last year’s CES around a potential HDR format war developing—that could limit the TAM for Dolby Vision and/or cause a short-term growth headwind.”
According to TipRanks.com, Wold is a 2-star analyst with an average return of 0.3% and a 42.0% success rate. Wold covers the Services sector, focusing on stocks such as Reading International Inc, Cinemark Holdings Inc, and National Cinemedia.
Currently, the analyst consensus on Dolby Laboratories is a Moderate Buy with an average price target of $76.
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Based on Dolby Laboratories’ latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of $50.09 million. In comparison, last year the company had a net profit of $21.8 million.
Based on the recent corporate insider activity of 80 insiders, corporate insider sentiment is negative on the stock. Last month, Lewis Chew, the EVP & CFO of DLB sold 35,000 shares for a total of $2,430,116.
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Dolby Laboratoties, Inc. designs and manufactures audio and imaging products for the cinema, television, broadcast, and entertainment industries. Its products include Cinema Imaging, Cinema Audio, Dolby Conference Phone, Dolby Voice Room, and Other Products. The company was founded by Ray Milton Dolby in 1965 and is headquartered in San Francisco, CA.