Oppenheimer analyst Andrew Uerkwitz reiterated a Buy rating on Universal Display (OLED) today and set a price target of $140. The company’s shares closed yesterday at $118.48.
Uerkwitz wrote:
“OLED reported 4Q18 revenue/EPS of $70M/$0.40, comparing to consensus of $70M/ $0.29 and our $71M/$0.36E. Management guided 2019 revenue to be $325-350M ($395-425M on ACS 605 basis) vs. Street’s $335M. The mid-point of guidance indicates 22% growth over 2017 (on ASC 605 basis) and 36% growth over 2018 (on ASC 606 basis). Without headwinds such as excess inventory and substantial efficiency gains from customers, OLED enters 2019 with a cleaner slate. And the company will likely see its sales growing at a rate comparable to industry growth. Finally, management announced plans to accelerate R&D investment to commercialize blue emitter material and OVJP (Organic Vapor Jet Printing). We reiterate our Outperform rating and raise our price target to $140 (from $115).”
According to TipRanks.com, Uerkwitz is a 5-star analyst with an average return of 19.4% and a 58.9% success rate. Uerkwitz covers the Consumer Goods sector, focusing on stocks such as Turtle Beach Corp, Electronic Arts, and Synaptics Inc.
Universal Display has an analyst consensus of Strong Buy, with a price target consensus of $141, which is a 19.0% upside from current levels. In a report issued on February 19, Susquehanna also maintained a Buy rating on the stock with a $178 price target.
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Based on Universal Display’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of $22.58 million. In comparison, last year the company had a net profit of $32.32 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.
