Universal Display price target raised to $175 from $148 at Needham

Needham analyst James Ricchiuti raised the firm’s price target on Universal Display to $175 from $148 and keeps a Buy rating on the shares. The company’s Q2 results were “strong” as revenue and earnings beat expectations, and while consumer electronics market remains challenging, Universal Display enters the second half with solid momentum and growing anticipation of the company’s improving growth prospects in 2024 and 2025, the analyst tells investors in a research note.