Dolby initiated with a Neutral at Baird

Baird last night initiated coverage of Dolby (DLB) with a Neutral rating and $74 price target The firm believes Dolby has a durable business that should continue to play an important role in the media ecosystem. However, the device end markets “remain relatively uninspiring” and the current macro environment creates uncertainty, the analyst tells investors in a research note. As such, Baird sees a lack of near-term catalysts for Dolby.