Canaccord Genuity Maintains a 'Hold' on Universal Display (PANL); Increased litigation Risk and Lack of Catalysts Likely to Weigh on Shares

Canaccord Genuity maintains a 'Hold' on Universal Display (NASDAQ: PANL), PT slashed from $52 to $39.

Canaccord analyst, Jonathan Dorsheimer, said, "UDC has received notice that Duksan Hi Metals Co of Korea has challenged two of UDC’s patents in Korea. This adds to the ongoing litigation in Europe and Japan, and more importantly we believe it provides insight into the Samsung negotiations. Based on the current risk/reward we are maintaining our rating and adjusting our price target."

"We believe Duksan’s claim provides an indication into the Samsung negotiations, as Duksan is a strategic supplier to Samsung. Given this recent lawsuit, unless UDC plays hardball with Samsung (which we consider unlikely) a resolution seems unlikely in the next nine to 12 months."

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

Shares of Universal Display closed at $40.66 yesterday.

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