Universal Display (OLED) Price Target Lifted to $40 at Needham & Company Following LG Deal
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Rating Summary:
11 Buy, 8 Hold, 1 Sell
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Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
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Needham & Company analyst James Ricchiuti reiterated a Buy rating and boosted his price target on Universal Display (NASDAQ: OLED) to $40.00 (from $35.00) after the company announced a long-awaited long-term license and supplemental materials agreement with LG Display .
Ricchiuti commented, "UDC announced a long-awaited long-term license and supplemental materials agreement with LG Display (LPL, NR). The agreement runs through December 2022, roughly five years beyond the current six-year agreement with Samsung that ends in 2017. Unlike the Samsung agreement, which features a fixed license payment made semi-annually that scales each year, the LG agreement is structured with licensees fees and running royalties on the sale of panels LG manufactures and sells, along with a supplemental phosphorescent materials agreement. While details of the agreement were limited, we regard it as a significant milestone for UDC, which now has long-term license and materials supply agreements with the two largest display manufacturers in the world."
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 $28.20 yesterday.
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