Piper Jaffray Maintains Overweight, $73 Price Target On Dolby Laboratories (DLB)

Piper Jaffray is maintaining its $73 price target and Overweight rating on shares of Dolby Laboratories

as Microsoft reported Q2 results. Dolby receives a royalty from the sales of Windows 7. In the report, Piper Jaffray writes "Microsoft reported June quarter results on 7/22; Windows premium mix was essentially unchanged q/q at 70%, which does not change our expectations for Dolby's Sept. quarter (June qtr Windows mix impacts Dolby's Sept qtr based on one qtr lag in rev recognition). The premium versions of Windows accounted for 70% of the mix (OEM) in the June quarter, compared to 72% in the March quarter. Windows segment revenue was slightly above Street consensus, which is a positive for Win7 uptake rates. Our analysis of CE & PC data for the March qtr suggests slight upside for Dolby's June qtr license revenue (~85% of rev)." Shares of Dolby are trading at $67.31, down 19‎ cents so far in trading.