Universal Display (OLED) PT Raised to $194 at Roth Capital

Roth Capital analyst Scott Searle raised the price target on Universal Display (NASDAQ: OLED) to $194.00 (from $172.00) while maintaining a Buy rating following the company's 1Q. Sales of $87.8M came in ahead of $64.3M consensus estimate. Results reflected recovering OLED industry demand for both smartphones and TVs. Upwardly revised guidance reflects 1Q19 upside and likely leaves room for further positive revisions.

Management raised ASC 606 2019 guidance to $345-365M from the prior $325-350M, implying our numbers are largely unchanged for the remainder of year. However, Searle believes that the benefits of OLEDs are translating to growing demand and penetration in smartphones and TVs which Roth Capital estimates will exit 2019 at ~35% and ~2% penetration, respectively.

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