Piper Jaffray Cuts Estimates on Universal Display (PANL); Target Lowered to $30
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Price: $6.98 +1.45%
Rating Summary:
2 Buy, 1 Hold, 0 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 15 | Down: 10 | New: 13
Rating Summary:
2 Buy, 1 Hold, 0 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 15 | Down: 10 | New: 13
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Shares of Universal Display (Nasdaq: PANL) are trading down rather sharply Tuesday as investors may be weighing an earlier research note from one of the noted bears on the stock, Piper Jaffray's Jagadish Iyer. The analyst reduced his estimates and consequently the stock's price target as he is now modeling for less broad-based OLED adoption. Iyer said improvement's in the retina LCD display for Apple's (Nasdaq: AAPL) iPhone 4S effectively "keeps OLEDs at bay."
Iyer now expects Universal Display to report FY12 EPS of 79 cents, compared to a prior earnings estimate of 85 cents per share. The analyst's FY12 sales estimate was lowered from $105 million to $100 million. The Street is currently anticipating FY12 EPS of 76 cents on sales of $105.12 million.
The Piper Jaffray analyst now sees Universal Display shares falling to $30 over the next year, down from a previous target of $36. Iyer maintains an Underweight rating on the stock.
With Universal Display shares down 3.4 percent to $38.94 at last check, Iyer's new target represents potential downside of about 23 percent.
Visit our Analyst Ratings page to track all the analyst calls on shares of Universal Display.
Iyer now expects Universal Display to report FY12 EPS of 79 cents, compared to a prior earnings estimate of 85 cents per share. The analyst's FY12 sales estimate was lowered from $105 million to $100 million. The Street is currently anticipating FY12 EPS of 76 cents on sales of $105.12 million.
The Piper Jaffray analyst now sees Universal Display shares falling to $30 over the next year, down from a previous target of $36. Iyer maintains an Underweight rating on the stock.
With Universal Display shares down 3.4 percent to $38.94 at last check, Iyer's new target represents potential downside of about 23 percent.
Visit our Analyst Ratings page to track all the analyst calls on shares of Universal Display.
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