Universal Display Corporation (NASDAQ:OLED) investors are overwhelmingly excited today after the OLED technology maker reported fourth-quarter revenues and non-GAAP EPS of $74.6 million and $0.55, beating consensus estimates of $68.6 million and $0.42, respectively. OLED shares are currently trading at $80.11, up $12.66 or 18.78%.

However, while he loves the story here, Oppenheimer analyst Andrew Uerkwitz remains sidelined, writing that the stock looks fully valued. “Customer concentration, low visibility, volume discounts, and lack of OLED TV traction need more consideration at current valuations,” Uerkwitz noted.

“For several prior quarters Universal Display has been unable to benefit from favorable trends in the OLED market due to micro concerns (customer efficiency gains slowing revenue growth and material mix lowering gross margin). Those seem to be largely behind the company for now as it posted a strong quarter on new material sales and industry capacity gains (material sales volume was up for the year, ASPs down). With significant capacity ramps in 2017 and beyond for both old and new customers, growth looks set to return in the near and medium term. The stock looks fully valued based on our introduced 2018 EPS estimate of $1.71,” the analyst stated,

As such, Uerkwitz reiterates a Perform rating on shares of Universal Display without providing a price target.

According to TipRanks, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Andrew Uerkwitz has a yearly average return of 5.8% and a 55% success rate. Uerkwitz has a -6.1% average return when recommending OLED, and is ranked #763 out of 4499 analysts.

Out of the 7 analysts polled in the past 12 months, 4 rate Universal Display stock a Hold, while 3 rate the stock a Buy. With a downside potential of 16%, the stock’s consensus target price stands at $67.80.