UPDATE: Canaccord Genuity Downgrades Universal Display Corp. (OLED) to Sell

October 1, 2013 6:55 AM EDT
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Price: $59.05 +3.60%

Rating Summary:
    7 Buy, 6 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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(Updated - October 1, 2013 8:50 AM EDT)

Canaccord Genuity downgraded Universal Display Corp. (NASDAQ: OLED) from Hold to Sell with a price target of $19 (from $30). Analyst Jonathan Dorsheimer made note of increased Asia competition and TV pushouts.

Importantly, checks by Canaccord Genuity showed Samsung and LG Electronics have development programs to manufacture their own phosphorescent materials, which they could begin using when Universal Display patents begin to expire starting in 2017.

For an analyst ratings summary and ratings history on Universal Display Corp. click here. For more ratings news on Universal Display Corp. click here.

Shares of Universal Display Corp. closed at $32.03 yesterday.

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