Canaccord Genuity analyst Jonathan Dorsheimer reiterated a Hold rating but boosted his price target on Universal Display (NASDAQ: OLED) to $28.50 (from $24.00) following a 'beat and raise' Q1.

Dorsheimer said, "We maintain our HOLD rating on Universal Display shares despite the beat and raise for Q1 as we harbor concerns about second sourcing of green host and TV push outs in the medium term combined with our continued IP concerns longer-term.”

He added “Going into the quarter we harbored concerns about second sourcing, push outs at Samsung in both flexible and TV and potentially more efficient use of materials that may affect the '14 guide – UDC has addressed our concerns by raising guidance.”

The analyst ncreased his target price to $28.50 from $24.00 and reiterated his HOLD rating. He increased his 2014 and 2015 Annual EPS estimates to $0.88 and $1.34, respectively. He increased his 2014 and 2015 Annual Revenue estimates to $200.7M and $254.9M, respectively.

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Shares of Universal Display closed at $24.87 yesterday.