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Technology Stocks : DLB Dolby Laboratories
DLB 72.25+0.3%10:01 AM EDT

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To: Cooters who wrote (240)11/16/2020 11:26:24 AM
From: Cooters   of 281
12:36 pm ET November 13, 2020
We lift our 12-month target to $84 from $72 on 25.0x our FY 21 (Sep.) EPS estimate and near the middle of DLB's three-year trading band. We keep our FY 21 EPS estimate of $3.36 and set FY 22's EPS at $3.58. DLB prints adjusted Sep-Q EPS of $0.45 vs. $0.66 the year prior, and exceeded consensus by $0.11. Quarterly revenues were down 9% to $271M, but topped consensus by $26M - the beat was largely attributed to a larger-than-expected true-up ($25M vs. $15M) related to shipments in Broadcast (TVs and set-top boxes) and PCs. Gross margin came in below expectations (85.1% vs. 86.5%) on charges related to obsolete inventory in conferencing hardware. DLB's revenue outlook for Dec-Q (Q1 FY 21) was above expectations ($330M-$360M vs. $278M) as large recoveries related to its largest mobile customer are pulled forward from Mar-Q (Q2 FY 21). DLB's expanded role in flagship handsets and new products in communications ( remain encouraging, but largely reflected in the current valuation multiple, in our view.
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