Universal Display price target raised to $198 from $175 at Needham

Needham analyst James Ricchiuti raised the firm’s price target on Universal Display to $198 from $175 and keeps a Buy rating on the shares. During last week’s 26th Annual Needham Growth Conference, the company reaffirmed that it expects to have commercial phosphorescent blue emitter material available in 2024, even though Needham believes that the revenue ramp is still likely to be in 2025, the analyst tells investors in a research note. The firm adds that investors will likely be willing to wait for the scale-up in the blue emitter business given the likelihood of a better OLED market in 2024 as IT applications increase and the core handset and TV markets show a modest recovery.