Universal Display (PANL +0.1%) has bought 1,200 patents and applications from Fujifilm related to OLED display technology for $105M. The purchase strengthens PANL's position as the OLED market's main technology provider, and is accompanied by a partnership that will result in Fuji providing materials to OLED manufacturers. Separately, KeyBanc predicts PANL will report a strong Q2 on August 8, thanks partly to Samsung's growing OLED smartphone sales.
Universal Display (PANL -9%) falls hard after Piper reiterates an Underweight and lowers its PT to $28. The firm expects total materials sales to fall this year and next, as customers begin using PANL's products more efficiently, and (unlike others) doesn't expect new deals with major display manufacturers anytime soon. Piper's comments are overshadowing a deal with Plextronics to develop new OLED manufacturing systems. (previous)
Universal Display (PANL +4.1%) rallies after Deutsche's Vishal Shah starts coverage with a Buy and $45 PT. Shah thinks new licensing deals (LG is singled out), growing OLED adoption in the mobile device and TV markets, the production of blue OLED emitters (a new source of materials revenue), and the OLED lighting market's potential are positive catalysts. It also expects price pressure for PANL's materials to remain low. Goldman defended the company yesterday.
Universal Display (PANL +4%), which has fallen sharply since late April, rallies after Goldman reiterates a Buy and $61 PT. The firm says Korean checks indicate the company is increasing its OLED display materials share with top customer Samsung, and may announce a manufacturing tie-up with a local firm. Goldman thinks a higher materials share, together with the bigger OLED displays of recent Samsung phones, could increase PANL's revenue/device by 4x-5x. (previous)
Universal Display (PANL -2.9%) is trading lower, albeit off its lows for the day, after Wedbush started coverage with a Neutral and $32 PT. The firm believes consensus estimates for PANL are optimistic, even if the company will benefit from strong growth in OLED panel production. Yesterday, Herb Greenberg questioned the timing of PANL's May 17 disclosure of adverse Japanese patent rulings, given the company was originally notified on May 10.
KeyBanc defends Universal Display (PANL -10%) following its disclosing of negative Japanese patent rulings. The firm claims the ruling will have "little to no impact" on PANL's financials, and notes Japanese patent law is stricter than U.S. law; the patents in question have also been issued in the U.S. However, KeyBanc does grant the ruling could affect PANL's ability to collect royalties on Japanese products - a small % of its business today, but one many expect to grow thanks to new deals. Update: Piper and JNK Securities weigh in on recent events.
Universal Display (PANL -9.7%) plunges after disclosing it received adverse Japanese patent rulings. The Japan Patent Office (JPO) recently invalidated the broadest claims of one PANL patent (while granting certain claims), and a local court affirmed an earlier JPO decision to invalidate the broadest claims of another patent. (Q1 report)
Panasonic (PC) and Sony (SNE) are reportedly in talks to form a JV that would produce OLED TVs, with the goal of commercializing sets by 2015. Though offering superior image quality and lower power consumption than LCD TVs, progress in mass-producing OLED sets at a reasonable price has been slow, much to the chagrin of Universal Display (PANL). Nonethless, LG and Samsung OLED TVs are due in the coming months. (previous)
Universal Display (PANL -10.6%) sinks after missing Q1 estimates, and analysts are profoundly split in their opinions. Reiterating its Buy rating, Goldman sees "little risk" to 2012 revenues, with the take from Samsung lower than expected but better than the bear case. But Piper Jaffray reiterates an Underperform rating, with uncertainty in green emitter sales a risk to expectations.
Universal Display (PANL): Q1 EPS of -$0.03 misses by $0.07. Revenue of $12.6M (+31% Y/Y) misses by $3.8M. Company blames shortfall on lack of Samsung licensing revenue, which it says will be recognized in Q2 and Q4. Maintains 2012 revenue guidance of $90M-$110M. Shares -17% AH. (PR)
Universal Display (PANL -7.1%) tumbles ahead of its Q1 report, partly thanks to a bearish note from Piper. The firm thinks the improving performance of Apple's retina displays and high-end LCDs in general is delaying adoption of PANL's OLED technology outside of Samsung. It also thinks OLED TV manufacturing processes remain immature, and other applications such as lighting will have a minimal near-term impact.
Though rumors the latest iPad would contain haptic feedback technology didn't pan out, Apple (AAPL) remains interested in the concept, as a recent patent filing demonstrates. The filing covers technology that could provide feedback advanced enough to emulate a raised button or terrain map, and also discusses flexible OLED displays. Immersion (IMMR) could indirectly benefit from Apple's embrace of haptic technology.
LG Display (LPL -6.1%) fell hard after prosecutors raided the company's offices for information to determine if it illegally obtained OLED display technology from employees of OLED market leader Samsung. Volatile Universal Display (PANL -7%), which licenses its OLED technology and sells display materials to LG, also fell. National Securities is staying bullish on PANL, but thinks the raid could push back LG's May OLED TV launch.
Universal Display (PANL +2.5%) outperforms for the second straight day (previous) after AppleInsider notices an Apple (AAPL) patent application related to the adjusting of an OLED display's brightness. Apple hasn't yet used OLED displays in its iOS devices, but is rumored to be interested in doing so, provided top PANL customer Samsung (SSNLF.PK) can address its supply concerns.