Universal Display (NASDAQ:OLED) Given New $85.00 Price Target at Citigroup

Key Points

• Citigroup cut Universal Display’s price target to $85 from $100 while maintaining a “neutral” rating, implying roughly 6.4% upside from the stock’s $79.87 price.
• Analyst sentiment has weakened, with ratings spanning Buy, Hold and Sell; the consensus is “Hold” with an average price target of $116.33.
• Universal Display exceeded quarterly EPS expectations ($1.06 versus $1.03) but missed revenue estimates, reporting $152.16 million, down 11.4% year over year.

Universal Display (NASDAQ:OLED - Get Free Report) had its price target cut by Citigroup from $100.00 to $85.00 in a report issued on Monday,Benzinga reports. The firm currently has a "neutral" rating on the semiconductor company's stock. Citigroup's target price points to a potential upside of 6.42% from the stock's current price.

Several other equities research analysts have also recently weighed in on the company. Zacks Research cut Universal Display from a "hold" rating to a "strong sell" rating in a research note on Tuesday, April 21st. Susquehanna decreased their price target on Universal Display from $110.00 to $90.00 and set a "neutral" rating on the stock in a research note on Friday. The Goldman Sachs Group set a $135.00 price target on Universal Display in a report on Tuesday, April 21st. Oppenheimer restated an "outperform" rating and set a $120.00 price objective (down from $130.00) on shares of Universal Display in a research report on Friday. Finally, Weiss Ratings lowered Universal Display from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Tuesday, July 28th. Three research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Universal Display currently has an average rating of "Hold" and a consensus price target of $116.33.

Universal Display Stock Down 0.4%

Shares of Universal Display stock traded down $0.29 on Monday, hitting $79.87. The stock had a trading volume of 307,693 shares, compared to its average volume of 809,908. The stock has a market cap of $3.73 billion, a price-to-earnings ratio of 19.37 and a beta of 1.54. Universal Display has a twelve month low of $76.42 and a twelve month high of $153.38. The business's 50 day moving average is $85.44 and its two-hundred day moving average is $96.94.

Universal Display (NASDAQ:OLED - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The semiconductor company reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.03. Universal Display had a return on equity of 11.35% and a net margin of 32.24%.The business had revenue of $152.16 million during the quarter, compared to the consensus estimate of $157.54 million. During the same period in the previous year, the company posted $1.41 EPS. The firm's quarterly revenue was down 11.4% on a year-over-year basis. As a group, equities analysts predict that Universal Display will post 4.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Universal Display

Several institutional investors and hedge funds have recently added to or reduced their stakes in OLED. Focus Partners Wealth grew its stake in shares of Universal Display by 6.4% in the first quarter. Focus Partners Wealth now owns 3,680 shares of the semiconductor company's stock worth $513,000 after purchasing an additional 221 shares during the last quarter. American Century Companies Inc. lifted its holdings in Universal Display by 2.3% during the 2nd quarter. American Century Companies Inc. now owns 12,766 shares of the semiconductor company's stock worth $1,972,000 after buying an additional 285 shares during the period. Invesco Ltd. lifted its holdings in Universal Display by 1.8% during the 2nd quarter. Invesco Ltd. now owns 112,982 shares of the semiconductor company's stock worth $17,451,000 after buying an additional 2,040 shares during the period. Marshall Wace LLP bought a new stake in shares of Universal Display in the 2nd quarter valued at about $2,220,000. Finally, Cresset Asset Management LLC grew its position in shares of Universal Display by 64.2% in the 2nd quarter. Cresset Asset Management LLC now owns 2,512 shares of the semiconductor company's stock valued at $388,000 after buying an additional 982 shares during the last quarter. 78.19% of the stock is currently owned by institutional investors and hedge funds.

About Universal Display

Universal Display Corporation NASDAQ: OLED is a technology company specializing in organic light-emitting diode (OLED) solutions. The company develops and commercializes materials, technologies and software used in the creation of OLED displays and lighting. Its offerings include proprietary phosphorescent OLED (PHOLED) materials, display driver integrated circuits and process technologies that enable higher efficiency, longer lifetimes and improved color performance for a range of display and lighting applications.

Universal Display's core business is licensing its extensive OLED patent portfolio to display manufacturers and providing them with the key organic materials needed for device fabrication.

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