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PANL Universal Display Corp
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2/23/2012 3:37:47 PM
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KeyBanc Boosts Price Target on Universal Display (PANL) Following Talks with Korean Suppliers
February 23, 2012 9:36 AM EST
KeyBanc is reiterating its Buy rating on shares of Universal Display (NASDAQ: PANL) and is increasing its price target from $45 to $60 following meeting with several of the companies who supply PANL in Korea.
The firm notes they walk away from the meeting more confident in the company's near and long-term prospects and now sees even more upside to its 2012 sales guidance.
Market checks in Korea indicated LG and AUO are making solid progress with their OLED offering. This increases the firm's confidence in the both the timing of the OLED adoption and when PANL will begin signing long-term contracts with companies.
An analyst at KeyBanc comments, "With 1,200 OLED related patents issued or pending, key competitors we talked with acknowledged that they can’t legally commercialize phosphorescent emitter material. Even competitors who are publicly challenging PANL’s patents in Korea concede that there is little they can do over the next several years, even if the courts rule in their favor"
For FY11 and FY12, the firm forecasts EPS will total $0.00 and $0.66.
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