Universal Display price target lowered to $200 from $220 at Oppenheimer

Oppenheimer analyst Martin Yang lowered the firm’s price target on Universal Display (OLED) to $200 from $220 and keeps an Outperform rating on the shares. The firm says its conviction in Universal Display to outperform in the next 12 months is higher than before, despite the stock’s disappointing performance since Q3 earnings. Oppenheimer believes the current price has sufficiently priced in the near-term weakness in end-markets for OLED display. It expects management to guide 2025 conservatively, well below sell-side consensus estimates that imply 14% year-over-year sales growth. While lowering 2025 estimates, Oppenheimer expects the stock to outperform in the next 12 months based on accelerating adoption of OLED display in IT markets beginning late 2025.