UPDATE: Piper Jaffray Lowers Universal Display's PT

According to a research report published this morning, Piper Jaffray has decreased Universal Display's PANL PT from $36 to $30. In the report, Piper Jaffray said, "PANL reports its 1Q12 results after market close on 5/9/12. We remain UW on PANL and have lowered our PT to $30 (previously $36). Our bearish stance stems from the fact that a) improving performance of Retina display and the evolution of high performance LCDs are pushing out broad based OLED adoption with the exception of Samsung who has been the key torchbearer of this technology b) lack of OLED process maturity particularly in large area displays implies that there is still a long learning curve before these can become meaningful revenue drivers for PANL and finally c) other OLED applications such as lighting, etc. remain dormant and are unlikely to have an impact on PANL revenues until past 2013. Given this backdrop, we are lowering our revenue estimates for CY12 and CY13. Our revised PT of $30 is based on 17x CY13 EPS of $1.75." Universal Display closed yesterday at $40.31.