Universal Display (PANL) Shares Hit on a Couple Negative Items Ahead of EPS

Shares of Universal Display (Nasdaq: PANL) have been under heavy pressure Monday on a couple of items.

First , theStreetSweeper.org, which has a solid track record on the short side, said they have established a new short position in stock. The group previously reported negatively about the company. The group said on on Nov. 4 it sold 21,000 shares of the company's stock short at $49.79 a share.

Second, an analyst said any hopes that Apple (Nasdaq: AAPL) will license the company's OLED technology is misplaced. Canaccord Genuity's Jonathan Dorsheimer comments, "Apple's recent patent filing seems to have gone viral among investors; however, we feel it's an irrelevant data point. We feel that Apple has always wanted to use OLEDs but performance and sourcing has limited the choices. With Samsung providing 90% of the world's capacity, we don't see this changing until adequate second sourcing evolves (LGD, AUO, CMI), likely in 2013." He also said, "We do not see Apple entering manufacturing of the screens, and thus there would be no direct royalty implications from Apple adopting OLEDs."

Dorsheimer did say, however, that they believe there will be increased focus regarding the European patent lawsuit. This may be something which management will need to clarify, he said.

Universal Display reports earnings tomorrow November 8th after the market closes.

The firm maintained their Hold rating and $48 price target.

For more ratings news on Universal Display click here and for the rating history of Universal Display click here.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Walmart (WMT) PT Lowered to $130 at UBS on Investment Narrative's Competing Dynamics
• Vireo Growth completes acquisition of C21 Investments
• Mizuho Reiterates Outperform Rating on Broadcom Limited (AVGO) Into EPS