Barrington analyst James Goss maintained a Buy rating on Dolby Laboratories (DLB) today and set a price target of $85. The company’s shares opened today at $56.09, equals to its 52-week low of $56.09.
Goss said:
“We feel the significant drop following the earnings report is overdone given the continued positive momentum in its licensing business, which generates the vast majority of the company’s economics. Momentum in gaining adoptions on new device categories and bundling more services provides meaningful potential long-term upside. Dolby’s $0.76 annual dividend (newly increased from the prior $0.64) provides a 1.3% yield.”
According to TipRanks.com, Goss is a 5-star analyst with an average return of 9.0% and a 55.8% success rate. Goss covers the Services sector, focusing on stocks such as Lions Gate Ent Corp Cl A, Nexstar Media Group Inc, and Sirius XM Holdings Inc.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Dolby Laboratories with a $79 average price target, representing a 40.8% upside. In a report issued on August 2, B.Riley FBR also upgraded the stock to Buy with a $73 price target.
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The company has a one-year high of $72.05 and a one-year low of $56.09. Currently, Dolby Laboratories has an average volume of 410.6K.
Based on the recent corporate insider activity of 79 insiders, corporate insider sentiment is negative on the stock. Most recently, in May 2019, Lewis Chew, the EVP & CFO of DLB sold 35,000 shares for a total of $2,219,298.
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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.
