Piper Jaffray Maintains Overweight Rating On Dolby Laboratories

According to Piper Jaffray, Dolby Laboratories DLB reported a solid June quarter, with EPS and revenue slightly above consensus. Piper Jaffray said that for FY11, the company slightly raised its revenue and EPS outlook. “We are maintaining our Overweight rating but lowering our target from $58 to $43 based on 15x CY12E EPS (down from 20x) due to weakness in the PC and CE spaces, limiting potential for margin expansion.” Dolby Laboratories closed yesterday at $37.67.