UPDATE: J.P. Morgan Downgrades Dolby Laboratories

According to a research report published this morning, J.P. Morgan has downgraded Dolby Laboratories

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.