Needham & Company Raised Price Target on Universal Display (OLED) After Spending Time With Management

Needham & Company reiterate a Buy rating on Universal Display (NASDAQ: OLED), and raised the price target to $62.00 (from $47.00), after spending time with OLED management. The trip left analyst James Ricchiuti "incrementally more positive" on OLED.

Ricchiuti commented on OLED, saying, "We hosted UDC mgmt last week and came away incrementally more positive on the story. The OLED industry is gaining momentum, based on planned capacity additions in the next 2 yrs by Samsung (NR) and LG Display (NR) and initial investments by other Asian display makers. Manufacturing yields, at times a gating factor for the industry, are reportedly at high levels. The recent strength in OLED shares, near a 52-week high, is likely related to speculation that Apple (NR) will design in an OLED screen in a future iPhone, after having concluded that a flexible OLED was the best display solution for the Apple Watch. Notwithstanding potential quarterly variability in its results, we regard UDC as one of the more unique GARP stories in our universe. We reiterate our Buy rating and increase our TP to $62 from $47."

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

Shares of Universal Display closed at $53.46 yesterday.

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