Universal Display price target lowered to $176 from $196 at Roth MKM

Roth MKM analyst Scott Searle lowered the firm’s price target on Universal Display to $176 from $196 and keeps a Buy rating on the shares. The company’s Q3 results missed expectations, while the narrowed annual guidance to the lower end of the range reflected general macro headwinds and softness in consumer electronics, the analyst tells investors in a research note. The firm adds however that its “category killer” thesis on the stock remains unchanged.