Universal Display price target raised to $242 from $198 at Needham

Needham raised the firm’s price target on Universal Display to $242 from $198 and keeps a Buy rating on the shares. The company is expected to benefit over the next year from a better smartphone refresh cycle, increased adoption of OLED displays in the IT market, and a scaling of its new blue phosphorescent emitter, the analyst tells investors in a research note. Universal Display has also recently reaffirmed that it is on track to meet commercial specs in 2024, while the recent industry data showed OLED smartphone shipments exceeding those of legacy LCD smartphones in Q1, the firm added.