Universal Display (OLED) PT Lowered to $120 at Oppenheimer
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Oppenheimer analyst Andrew Uerkwitz lowered the price target on Universal Display (NASDAQ: OLED) to $120.00 (from $140.00) while maintaining a Outperform rating.
Uerkwitz commented, "OLED reported 3Q18 revenue/EPS of $77.6M/$0.49, lower than consensus of $91.4M/$0.66E and our $90.8M/$0.64E. Annual guidance also sees a significant cut to $240-250M from $290-310M. Management attributes the majority of shortfall to lower-than-expected demand from Samsung. Yield improvement at LG for its OLED TV is also to blame although it played a smaller role in guidance change. Meanwhile, it is still unclear when Chinese OLED panel makers will reach the scale of their Korean competitors despite unwavering capacity investments for the next two years. As a result, we take a more cautious (albeit still optimistic) outlook with reduced forward estimates and a lower price target of $120 (was $140). (Pre-market on 11/2, the stock is indicated at about $95.)"
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