Universal Display price target lowered to $120 from $145 at Needham

Needham analyst James Ricchiuti lowered the firm’s price target on Universal Display (OLED) to $120 from $145 and keeps a Buy rating on the shares after its Q1 earnings miss and guidance cut. Needham adds, however, that it still sees an attractive risk/reward opportunity at current levels based on the scaling of new 8.6 Gen capacity in the second half, a major new foldable launch from Apple in the second half of this year, and potential for recovery in smartphone demand next year, the analyst tells investors in a research note.