UPDATE: Goldman Sachs Reiterates Sell Rating, Lowers PT on Dolby Laboratories
In a report published Wednesday, Goldman Sachs Group reiterated its Sell rating on Dolby Laboratories (NYSE: DLB), but lowered its price target from $30.00 to $26.00.
Goldman Sachs noted, “We are updating our DLB price target to take into account the $4 per share special dividend announced on December 11, 2012, and to be paid to shareholders of record as of the close of business on December 21, 2012. DLB went ex-dividend today and the dividend will be paid on December 27, 2012. We have not made any changes to our estimates...We remain Sell-rated on DLB as we continue to believe FY13 revenue guidance appears aggressive at $900mn-950mn (GS: $910mn, Street: $920mn) given the secular challenges in the core business, and in particular, weak datapoints for Windows 8 / Windows RT uptake.”
Dolby Laboratories closed on Tuesday at $35.37.
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