Universal Display (OLED) PT Raised at Needham & Company Following NDR and SID Conference

Needham & Company analyst James Ricchiuti reiterated a Buy rating and boosted his price target on Universal Display (NASDAQ: OLED) to $69.00 (from $62.00) following non-deal roadshow and Society for Information Displays (SID) conference.

"We came away from an NDR with UDC mgmt on the West Coast and from this week’s Society for Information Displays (SID) conference in San Francisco more optimistic about the accelerating transition to OLED displays, and particularly flexible OLED displays, in the mobile market. UDC shares are up nearly 15% since the company reported Q1 results earlier this month (vs. a 1% decline for the NASDAQ), fueled by growing optimism that OLEDs will become the preferred display technology in the mobile market," Ricchiuti said.

He added, "At current prices, we believe the market is pricing in upside to Street numbers for 2017, which could limit upside in the shares over the near term. We are nonetheless maintaining our Buy rating given expectations of strong multi-year growth at UDC as migration to OLED displays accelerates over the 2017-2019 time frame."

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 $64.39 yesterday.

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