UPDATE: Wedbush Raises PT on Universal Display Corporation Ahead of 4Q12 Results on Wednesday
In a report published Monday, Wedbush reiterated its Neutral rating on Universal Display Corporation (NASDAQ: PANL), and raised its price target from $20.00 to $28.00.
Wedbush noted, “We believe UDC's 4Q12 chemicals revenue can help provide more clarity around 3Q12 volatility in chemicals demand from Samsung, as this may have been a result of channel inventory rebalancing, rising SMD deposition efficiencies, or other supply issues. Growth in 2012 production in SMD's A2 facility, along with the A2 expansion, and expected cut in of the M4 stack should all be supportive of accelerating 2013 chemicals demand from SMD. Strong 4Q12 Chemicals revenue would raise confidence the 3Q13 miss was likely caused by short -term issues.”
Universal Display Corporation closed on Friday at $28.18.
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