Needham & Company Maintains a 'Hold' on Universal Display (PANL); Q2 Better Than Expected, With Commercial Revenues Up 170% Y/o/Y

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

Needham analyst says, "PANL after the market close yesterday reported better than expected Q2 results. The performance was highlighted by a 170% y/o/y/ increase in commercial revenue. The operating loss for the quarter was smaller than expected, and we continue to believe that PANL is moving toward break-even results later this year, with solid profitability expected in 2012. With the continued scale-up of capacity by AMOLED leader Samsung SMD (N/R), we believe PANL will show strong top-line growth over the next 18 months. The one major remaining uncertainty in the story over the near term is the lack of a new licensing agreement with Samsung."

"We are maintaining 2011 revenue estimate at $46M but have revised our 2011 EPS estimate to a loss of $0.12 from a loss of $0.05, which reflects higher patent costs and R&D. We are reducing our 2012 EPS estimate to $0.70 from $0.80 on revenues of $88M."

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 $22.80 yesterday.

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