Miller Tabak Cuts Price Target on Dolby Laboratories (DLB), Provides Q2 and Full-Year Estimates
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Price: $62.39 +0.03%
Rating Summary:
6 Buy, 5 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
6 Buy, 5 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Miller Tabak is reiterating its Neutral rating on shares of Dolby Laboratories (NYSE: DLB), but is reducing its price target from $70 to $57.
The firm reports that the stock has seemed to stabilized and find its bottom, following rising fears over the disruption of DLB’s PC & laptop licensing revenue streams; due to the rapid growth in demand for various tablet devices.
Miller Tabak believes that the PC & laptop market will account for roughly 38% of the company's revenue in 2011 while consumer electronics will make up 24%, and the broadcast market will be 25%.
The firm comments that While timing of revenue recognition could shift between quarters, its expects Q2 revenue of $242 million and $980 million for the year, Operating Income of $109 million for Q2 and $447 million for the year, and GAAP Net Income of $74 million or $0.65/sh. It notes that FCF could be $87.7 million in Q2 and $328 million for the year.
For more ratings news on Dolby Laboratories click here and for the rating history of Dolby Laboratories click here.
Shares of Dolby Laboratories closed at $51.04 yesterday.
The firm reports that the stock has seemed to stabilized and find its bottom, following rising fears over the disruption of DLB’s PC & laptop licensing revenue streams; due to the rapid growth in demand for various tablet devices.
Miller Tabak believes that the PC & laptop market will account for roughly 38% of the company's revenue in 2011 while consumer electronics will make up 24%, and the broadcast market will be 25%.
The firm comments that While timing of revenue recognition could shift between quarters, its expects Q2 revenue of $242 million and $980 million for the year, Operating Income of $109 million for Q2 and $447 million for the year, and GAAP Net Income of $74 million or $0.65/sh. It notes that FCF could be $87.7 million in Q2 and $328 million for the year.
For more ratings news on Dolby Laboratories click here and for the rating history of Dolby Laboratories click here.
Shares of Dolby Laboratories closed at $51.04 yesterday.
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