UPDATE: J.P. Morgan Downgrades Dolby Laboratories
According to a research report published this morning, J.P. Morgan has downgraded Dolby Laboratories (NYSE: DLB) from Overweight to Neutral.
In the report, J.P. Morgan commented, "We are downgrading Dolby to Neutral owing to a lack of near-term catalysts and, though somewhat undervalued, we think there are better risk-reward trade-offs elsewhere in our coverage universe. There is no change to estimates, nor change to our price target of $48.00. We are also downgrading near-peer DTSI today, to Underweight based on valuation and lack of catalysts."
J.P. Morgan maintains its $48 PT on Dolby Laboratories, which closed yesterday at $44.50.
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