Goldman Sachs Starts Dolby Laboratories (DLB) at Sell; Uphill Battle

Goldman Sachs initiates coverage on Dolby Laboratories (NYSE: DLB) with a Sell. PT $39.00.

Analyst, Perry Huang, said, "We like Dolby’s brand recognition, broad ecosystem, and international growth opportunities. However, we expect two headwinds to weigh on the company’s near-term results: 1) ongoing secular trends moving to new form factors (smartphones) and 2) reliance on consumer discretionary spend amid high levels of unemployment."

Huang also notes that The Street may not be factoring in a higher operating expenses in FY13. Goldman sees FY12 EPS estimate at $2.51 and FY13 at $2.57 - below street consensus.

For an analyst ratings summary and ratings history on Dolby Laboratories click here. For more ratings news on Dolby Laboratories click here.

Shares of Dolby Laboratories closed at $41.62 yesterday.

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