Oppenheimer says microLED technology’s setback positive for Universal Display

Oppenheimer analyst Martin Yang notes that ams OSRAM (AMSSY) has announced “a cornerstone project underpinning its microLED strategy got unexpected cancelled.” The firm believes ams’ cornerstone project is the 8-inch LED facility dedicated to Apple’s microLED display development. Oppenheimer’s industry check indicates that Apple (AAPL) laid off its entire microLED team as of February 27. It marks the end of Apple’s ten-year journey to commercialize microLED display, after it acquired LuxVue in 2014. The firm believes this will put an end to investor concerns over microLED as a legitimate challenger to Universal Display’s (OLED) technology in mobile consumer devices. Oppenheimer has an Outperform rating on Universal’s shares with a price target of $200.