Oppenheimer analyst Andrew Uerkwitz assigned a Buy rating to Universal Display (NASDAQ: OLED) yesterday and set a price target of $120. The company’s shares closed yesterday at $97.10, close to its 52-week low of $86.85.
Uerkwitz noted:
“This week we attended SID Display Week, the largest display industry convention. We sense broad pessimism among industry observers due to the down cycle display industry is going through, and the lack of meaningful commercial prospect from new technologies (micro LED). We see solid mid-term demand for mobile OLED and more potential upside from accelerating OLED TV adoption. We came away incrementally more positive on Universal Display, which we believe remains the best long-term investment to benefit from the OLED adoption story.”
According to TipRanks.com, Uerkwitz is a 5-star analyst with an average return of 23.2% and a 62.2% success rate. Uerkwitz covers the Consumer Goods sector, focusing on stocks such as Axon Enterprise Inc, Himax Technologies, and Turtle Beach Corp.
Currently, the analyst consensus on Universal Display is Strong Buy and the average price target is $152.75, representing a 57.3% upside.
In a report issued on May 21, Roth Capital also initiated coverage with a Buy rating on the stock with a $136 price target.
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The company has a one-year high of $209 and a one-year low of $86.85. Currently, Universal Display has an average volume of 1.38M.
Based on the recent corporate insider activity of 71 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. The company 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. Universal Display was founded by Sherwin I. Seligsohn in 1994 and is headquartered in Ewing, NJ.
