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 $64.50.
Wold observed:
“After the close on Laboratories (DLB) reported stronger-than-expected 2Q19 results as upside licensing revenues (including true-up revenues from 1Q) more than offset lower-than-anticipated products and services revenues (on fewer Dolby Cinema screens under “hybrid” deals). Over the past 3-6 months, we have become increasingly optimistic around the ability of both to gain increased penetration throughout the entire consumer electronics and mobile ecosystem—and, in turn, drive more predictable high-margin licensing revenue growth in the coming years. And although we believe that optimism is, for the most part, reflected in both current estimates and the current valuation —with shares relatively fairly priced around current levels.”
According to TipRanks.com, Wold ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -4.1% and a 39.3% 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 $67.
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The company has a one-year high of $72.05 and a one-year low of $58.17. Currently, Dolby Laboratories has an average volume of 461.6K.
Based on the recent corporate insider activity of 86 insiders, corporate insider sentiment is negative on the stock. Most recently, in February 2019, Lewis Chew, the EVP & CFO of DLB sold 35,000 shares for a total of $2,214,450.
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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.
