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Universal Display soars on Apple-related Goldman upgrade

  • "Given recent field work, we are increasingly confident on Apple’s [OLED] adoption potential and add this to our modeled estimates for 2017-2018," writes Goldman's Brian Lee, upgrading Universal Display (OLED +10.4%) to Buy and hiking his target by $21 to $76. "Specifically, Apple and Samsung analysts Simona Jankowski and Marcus Shin, expect roughly 33mn/113mn total iPhone shipments to use OLED displays, and this is a primary driver of our 4%/25% increase in F17/F18 EPS to $1.93/$2.70 for OLED."
  • His 2017 estimate is above a $1.64 consensus. Lee adds there could be a "hockey-stick" like increase in OLED use by phone OEMs in later years, and thinks Universal could eventually earn as much as $15/share in a "blue sky" scenario in which OLEDs are widely adopted for devices with larger displays, such as tablets and TV sets.
  • There have already been a slew of analyst and supply chain reports indicating Apple plans to launch iPhones sporting OLEDs next year. Universal rallied on Friday after Applied Materials reported a massive increase in display equipment orders that it attributed to mobile-related OLED equipment demand.
  • Shares are within $1 of a 52-week high of $63.00.

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