Needham & Company analyst James Ricchiuti raised the price target on Universal Display (NASDAQ: OLED) to $200.00 (from $140.00) while maintaining a Buy rating.

The analyst commented, "OLED reported a strong start to the year, with revenue and EPS well ahead of our/St. expectations. Revenue in the quarter more than doubled y/o/y, driven by increased sales to OLED's top 3 customers. EPS of $0.66 came in ahead of our $0.25 estimate. Mgmt raised revenue guidance to grow 39%-48% vs. prior 31%-41%, and is continuing to push ahead in its R&D investments, with an expected 20%-25% y/o/y increase for new technologies including a blue phosphorescent emitter and OVJP. We have taken up our revenue and EPS estimates in 2019 and 2020 on the strength of OLED's end markets, and are raising our price target from $200 from $140 given our expectations for powerful near- and long-term earnings power. Reiterate our Buy rating."