Citi downgraded Universal Display to Neutral from Buy with a price target of $180, up from $161. The analyst cites valuation for the downgrade. The firm continues to view 2024 as a pivotal year for Universal Display with the development of Apple’s OLED iPad Pro models potentially opening the door for a faster OLED IT market penetration from its current 2%-3% levels. That said, Citi believes the risk/reward on the stock looks balanced and the valuation appears full.
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