Needham & Company Maintains a 'Hold' on Universal Display (PANL); Surprisingly Strong Q3 Profit; Mgmt Guides To Upper End Street Expectations

Needham & Company maintains a 'Hold' on Universal Display (NASDAQ: PANL).

Needham analyst says, "PANL after the market close turned in the quarterly report that long-time bulls in the stock have dreamed of going back nearly 10 years. The company reported a solid quarterly operating profit, powered by a 94% q/o/q increase in revenues. Results benefited from a strong license revenue contribution from Samsung in the first quarter since announcing the new 7-year license deal. Management also provided revenue guidance for the first time for both Q4 and 2012, which was toward the upper end of Street expectations. We would expect PANL shares to be up on the strong results. We are maintaining our Hold rating, but would become more constructive on a pullback."

"We are increasing our Q4 revenue estimate to $18.7M from $13.1M and EPS estimate to $0.06 from breakeven. For 2012, we are increasing our revenue
estimate to $108M from $94M, but have lowered our EPS estimate to $0.66 from $0.82."

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 $49.44 yesterday.

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