Deutsche Bank maintained a Buy rating on Universal Display (NASDAQ: OLED) with a price target of $35. Analyst Vishal Shah commented on Q1 results.

"Company reported strong results and further guided to high end of its 2014 rev guide ($190-205M). Material sales were better than expected with margin improvement due to increased sales of its new red emitter materials. The company has been more cautious about its guide and outlook in the past, so we view company's guide towards high end of range (so early in the year) as a positive. Further, we could see additional upside if production of OLED tv picks up in 2H or if additional products are announced that use OLED displays," he said.

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Shares of Universal Display closed at $24.87 yesterday.