UPDATE: Dougherty & Company Raises DTS' PT

According to a research report published this morning, Dougherty & Company has increased DTS'

PT from $30 to $34. Dougherty & Company commented in the report, "DTS posted Q1 non-GAAP results of $26.9M/$0.37, exceeding our $25.2M/$0.35 and the consensus of $25.5M/$0.35. However, the upside came from $2.25M in royalty recoveries, which were neither in the guidance or Street models. Operating margins were 38.0%, down from 43.6% as the company invests in headcount to support its Connected Devices initiatives. Cash flow from operations was $6.8M, sharply ahead of last year's $3.9M. During the quarter, the company repurchased 72K shares for $2M and ended the quarter with $79M in cash ($4.67/share)." Dougherty & Company maintains its Neutral rating on DTS, which closed yesterday at $30.76.