Oppenheimer Remains a Buy on Universal Display (OLED)

Oppenheimer analyst Andrew Uerkwitz reiterated a Buy rating on Universal Display (OLED) today and set a price target of $180. The company’s shares closed yesterday at $156.60.

Uerkwitz commented:

“OLED reported 1Q19 revenue/EPS of $87.8M/$0.66, comparing to consensus of $64.4M/$0.29 and our $58.5M/$0.21E. Management raised 2019 revenue guidance from $325-350M to $345-365M, vs Street’s $335M. The new mid-point of guidance indicates 43% growth in 2018. While upside surprise came mostly from South Korea customers (up 36% Q/Q), sales to Chinese panel makers also grew significantly, now accounting for 24% of total (up from 20% a year ago). As Chinese panel makers start to prove their ability to ship OLED display in high volume, we believe 2019-2021 will see significant expansion of OLED markets across display sizes. We reiterate our Outperform rating and raise our price target to $180 (from $140).”

According to TipRanks.com, Uerkwitz is a 5-star analyst with an average return of 18.1% and a 57.5% success rate. Uerkwitz covers the Consumer Goods sector, focusing on stocks such as Axon Enterprise Inc, Turtle Beach Corp, and Electronic Arts.

Currently, the analyst consensus on Universal Display is a Strong Buy with an average price target of $158.

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Based on Universal Display’s latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of $19.04 million. In comparison, last year the company had a net profit of $5.87 million.

Based on the recent corporate insider activity of 65 insiders, corporate insider sentiment is negative on the stock.

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Universal Display Corp. engages in research, development and commercialization of organic light emitting diode, technologies and materials. It also develops and licenses proprietary OLED technologies to manufacturers of products for display applications, such as cell phones, portable media devices, tablets, laptop computers and televisions and specialty and general lighting products. The company was founded by Sherwin I. Seligsohn in 1994 and is headquartered in Ewing, NJ.

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