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Technology Stocks : DLB Dolby Laboratories
DLB 80.19-1.6%Apr 12 4:00 PM EDT

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From: Cooters2/1/2021 12:56:59 PM
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6:06 pm ET January 29, 2021

We keep our 12-month price target of $84, 25x our FY 21 (Sep.) EPS estimate, and squarely in line with the DLB's five-year historical trading band. We keep our FY 21 EPS estimate of $3.36 and lift FY 22's EPS by $0.15 to $3.73. DLB prints Dec-Q adj-EPS of $1.48 vs. $0.64, easily surpassing consensus by $0.44 on upside in sales and cost controls. Quarterly revenues rose 33.6% to $390M, beating consensus by $44.5M. Primary drivers to the top-line beat were a $20M true-up and a $15M-$20M pull-forward in licensing recoveries from mobile customers. DLB also revised its Jan-Q sequential outlook above consensus expectations for revenues ($280M to $310M vs. $290M) and adj-EPS ($0.57 to $0.72 vs. $0.62), aided by higher shipment volumes for select devices (TVs and PCs). For the stock to move materially higher from here, we think an expedited timeline around a recovery in Dolby Cinemas and higher adoption of other technologies (Atmos and Vision) would need to emerge in the second half of FY 2021.
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