Canaccord Adams Downgrades Dolby Laboratories (DLB) to Hold
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Canaccord Adams downgrades Dolby Laboratories (NYSE: DLB) from Buy to Hold, following sales and earnings that beat estimates, but guidance that was below expectations.
Analyst Jeff Rath said, "Dolby at its current price level appears fully valued given the growth rates implied from guidance. We therefore downgrade to a HOLD and lower our price target to $44 (from $46), which implies a 16.5x P/E based on our 2010 non-GAAP estimate, plus cash."
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