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Technology Stocks : DLB Dolby Laboratories

DLB 80.25

-2.0%

10:48 AM EDT

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From: Cooters	11/21/2024 1:17:30 PM
	of 321

November 20, 2024 09:37 am ET. CFRA Maintains Hold Rating on Shares of Dolby Laboratories, Inc. (DLB 78.34***) We raise our price target by $6 to $82, 20x our FY 25 (Sep.) EPS view, below DLB’s five-year average (~23x) on soft consumer device volumes and uncertainty about new tariffs. We raise our FY 25 EPS view by $0.30 to $4.10 and initiate FY 26’s at $4.30. DLB posted near-consensus Sep-Q sales of $305M (+5% Y/Y) and above-consensus EPS of $0.81 (+25%). We expect FY 25 to look similar to FY 24, with momentum for Dolby Atmos and Dolby Vision (+15% organic growth projected) offset by a modest decline in foundational technologies (~60% of FY 24 licensing revenue). DLB sees foundational tech stabilizing, but we see downside risk from increased trade restrictions under Trump, and we hesitate to get bullish on device sales until more details around tariffs emerge. Momentum keeps growing with auto OEMs; DLB added two partners during FQ4 to now total over 20. Both OEMs are associated with China, which we take as an encouraging sign given many U.S. peers’ worsening issues with local Chinese competition in recent periods

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