KeyBanc Starts Universal Display (PANL) at Buy, Price Target Calls for 30% Upside

KeyBanc initiates coverage on shares of Universal Display (NASDAQ: PANL) with a Buy rating and $45 price target.

The firm believes organic lighting emitting diodes could possibly over take traditional display and lighting technologies over the next ten years, and feels PANL is strongly positioned to gain from this. KeyBanc forecasts the organic lighting emitting diodes market will grow from $4 billion in 2011 to $13 billion by 2015.

An analyst at KeyBanc comments, "PANL, in our opinion, is exceptionally well positioned to benefit from the anticipated adoption of OLEDs. By leveraging the industry’s largest R&D team, its comprehensive matrix of patents and tight customer relationships, PANL is poised to rapidly increase licensing and materials revenue over the next several years. We forecast sales to increase from $60 million in 2011 to $200 million in 2013 as PANL takes market share in materials at SMD and benefits as other customers ramp capacity."

The firm estimates breakeven earnings for 2011 and earnings of $0.66 per share for 2012.

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 $32.48 yesterday.

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