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By Dhirendra Tripathi
Investing.com – Universal Display (NASDAQ:OLED) shares rose 1.9% Wednesday on Citi (NYSE:C) upgrading the stock to buy, with a target of $253, almost 23% higher than the stock’s current level of $216.21.
Analyst Atif Malik’s prior neutral rating included a $217 target.
Universal Display engages in R&D and commercialization of organic light emitting diode technologies and materials for use in gadgets and smart devices.
The analyst noted that Universal’s OLED business, its mainstay, was hurt during the pandemic as sales of LCDs picked up on the back of more people working from home and asking for affordable devices and gadgets.
According to Malik, Universal’s material sales will normalize on higher OLED utilization rates in 2022.
Universal Display reported its March quarter earnings on May 6. It earned $1.08 per diluted share in the first quarter, compared to 80 cents a share in the year-ago quarter.
Total revenue was $134 million, compared to $112.3 million in the first quarter of 2020.
It reiterated that its 2021 revenue will be approximately in the range of $530 million to $560 million.