Dolby Labs (DLB -10.2%) is cut to Neutral with a lower price target at Piper Jaffray, citing many near-term headwinds that are buffeting the technology licenser: trends in CE/PC shipments; a Y/Y decline in Blu-Ray players; the impact of Thai floods on sales; and the exclusion of a DVD playback application from Windows 8 (MSFT).
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