Oppenheimer Maintains Perform on Universal Display (PANL)

Oppenheimer is out with its report today on Universal Display PANL, maintaining Perform. In a note to clients, Oppenheimer writes, "UDC Commercial sales continued to show very strong growth during 1Q11, again underscoring the aggressive OLED ramp at Samsung, the world's largest panel maker. Sales of Developmental Chemicals, which are inherently lumpy and difficult to model, also showed strong YoY growth, but fell slightly short of expectations and led to a slight overall revenue miss. While the shortfall could put PANL under a bit of pressure tomorrow, we suspect any headwind will be temporary. The basic story of OLED adoption does not appear in the least impaired." At the time of posting, shares of PANL were trading at $51.50, down 9.06% from Monday's close.