Universal Display (OLED) PT, Estimates Trimmed at Needham & Company
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Rating Summary:
11 Buy, 8 Hold, 1 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 13 | Down: 10 | New: 11
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Needham & Company analyst James Ricchiuti trimmed estimates and his price target on Universal Display (NASDAQ: OLED) to $42.00 (from $43.00) based on Samsung's cautious comments on smartphones, but maintained a Buy rating.
Ricchiuti commented, "We are trimming our materials revenue estimates for Q4 and 2015 to reflect Samsung's (NR) more cautious tone regarding its smartphone business. We remain constructive on OLED shares, as we expect to see a broadening base of OLED display applications in portable devices over the next two years. Additionally , the OLED-TV market could gather momentum over the next 1-2 years as LG and others move down the price curve. Our revised estimates forecast top-line growth of 37% this year and 31% in 2015, with improving profitability. OLED shares are trading at less than 14x our 2015 EPS estimate, adjusting for net cash, representing a significant discount to the company's growth rate."
The firm cut FY 2014 EPS from $1.05 to $1.00 and FY 2015 EPS from $1.60 to $1.55.
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 $27.49 yesterday.
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