Canaccord Genuity Cuts Number On Universal Display (PANL) Despite Q3 'Beat'

Canaccord Genuity cuts its price target on Universal Display (NASDAQ: PANL) from $48 to $41 following Q3 results. The firm said thier are more questions than answers. They maintained their Hold rating.

The analyst comments, "While we see shares trending higher in the near term due to the momentum on the beat and the likelihood of an upcoming positive catalyst in the signing of additional commercial long-term agreements, we remain on the sidelines as we still see more questions than answers from a fundamental perspective."

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"2013 numbers come down slightly given the larger percentage of lower-margin chemical sales and a slightly lower license assumption. However, given limited details around what we view as significant changes in the business model as well as the uncertain implications from recent IP litigation, our estimates are subject to revision as we do further diligence in the coming weeks."

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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