Cowen raised its price target on Universal Display (NASDAQ: OLED) to $115.00 (from $105.00) while maintaining a Outperform rating following strong results and outlook.

Analyst Robert Stone notes all segments were higher than they modeled and emitter materials set a record. Development materials up 395% year-over-years suggests new upcoming products.

The firm now sees EPS of $1.70, $2.75, $3.82, and $4.46 (vs. $1.40, $2.60, $3.52, and $4.13), on sales of $275MM, $360MM, $445MM, and $500MM (vs. $245MM, $335MM, $410MM, and $470MM).