Universal Display price target lowered to $203 from $234 at Goldman Sachs

Goldman Sachs lowered the firm’s price target on Universal Display (OLED) to $203 from $234 and keeps a Buy rating on the shares ahead of its Q4 earnings in two weeks. In the near-term, the company is likely to have exited 2024 on a bit of a softer note, given typical seasonality but also signs of weaker IT/smartphone demand into year-end in addition to some inventory rebalancing, the analyst tells investors in a research note. The firm expects the company to guide to 5%-10% revenue growth for FY25, and given the stock has underperformed of late, this guidance will likely not be viewed as disappointing, Goldman Sachs added.