Summit Research reiterated a Hold rating on Universal Display (NASDAQ: OLED), and raised the price target to $35.00 (from $31.00), following the company's 3Q15 earnings report. OLED beat consensus revenue of $38.0M and Non-GAAP EPS of $0.08 with $39.4M in revenue, and $0.15 EPS.

Analyst Srini Sundararajan commented, "Going forward, per UDC, Samsung is expected to maintain its solid OLED shipments in C4Q15. Samsung also forecasted that roughly one third of its OLED panel sales will go to emerging customers in 2016. In addition, Samsung reaffirmed its commitment to flexible OLED investments and reiterated that it expects flexible OLEDs to be a mid to long-term growth engine. Signage might emerge as a large area OLED implementation in 2016, if the costs are kept under control. In addition, in mid-August, LG Display announced plans to spend $8.5B through 2018 for advanced displays with most of the capex dedicated to OLEDs. While LG Display also announced OLED TV yield improvements (55" OLED TV yields similar to 55" LCD) during the quarter, we think that the larger size OLED panels might need some more time to get yields to comparable levels."

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Shares of Universal Display closed at $35.93 yesterday.