UPDATE: Canaccord Genuity Upgrades Universal Display Corporation to Hold, Raises PT on Lack of Near-Term Negative Catalysts

In a report published Tuesday, Canaccord Genuity analyst Jonathan Dorsheimer upgraded the rating on Universal Display Corporation (NASDAQ: OLED) from Sell to Hold, and raised the price target from $22.00 to $33.00.In the report, Canaccord Genuity noted, “Following a week of supply chain meetings in Asia we come away with increased confidence that there are no supply constraints in the OLED space and that Samsung's flagship Galaxy platform will continue to utilize OLED technology. We believe that the recent negative IP ruling against UDC has not altered UDC's current contract with Samsung. Our long-term negative call on competitive pressures post 2017 (when key IP expires) remains, but it is becoming clear this will not play out in UDC's results or investor sentiment in the near-term/intermediate-term. Given a lack of negative near-term catalysts, we are stepping to the sidelines. With continued push-outs and our negative view on the OLED TV market, it is still too soon for us to become constructive on shares; we believe that progress in TV would be needed to justify upside from current levels as it would signal increased materials volumes on the larger surface areas.”Universal Display Corporation closed on Friday at $32.12.