UPDATE: Goldman Sachs Lowers PT on Universal Display to $61

Goldman Sachs has published a research report on Universal Display (NASDAQ: PANL) recommending buying shares on near-term choppiness.In the report, Goldman Sachs writes, "We see little risk to Universal Display's 2012 revenue outlook despite weaker-than-expected 1Q12 results. Revenue of $12.6 mn was up 31% yoy, but was 12%/23% below GS/consensus, which drove lower-than-expected EPS of ($0.03) vs. GS/consensus of ($0.01)/$0.04; the full-year sales target of $90-to-$110 mn remains unchanged. As expected, the company also provided details on Samsung licensing revenue for the year, which will be $30 mn. This was below our estimate of $40 mn, but much better thanexpected, as we believe the bear case called for $20 mn. We reduce our estimates primarily on the basis of lower-than-expected Samsungpayments."Goldman Sachs maintains its Buy rating and has lowered the price target from $68 to $61 on Universal Display, which closed yesterday at $39.16.