LG Display downgraded to Sell from Neutral at UBS

UBS downgraded LG Display (LPL) to Sell from Neutral with a price target of KRW 10,500, up from KRW 10,000. Korea OLED supply chain names rallied following a report that the U.S. International Trade Commission may impose limited exclusion and cease-and-desist orders to restrict shipment of BOE’s AMOLED panels into the U.S., which caused LG Display’s share price to close up 22%, due to both optimism on easing competition as well as short covering, the analyst tells investors. The firm, which sees limited upside for LG Display even assuming a BOE injunction scenario, views the current valuation as “stretched” and sees room for correction in the near term, the analyst added.