Gabelli & Company Comments on Universal Display (PANL)

Gabelli & Company released a report today on Universal Display PANL. In the report, Gabelli was bullish on the company. Gabelli writes, “Responding to questions on possible equipment delay at Samsung Mobile Display (SMD)'s new Gen 5.5 OLED investment, management believed that SMD's phase 1 equipment delivery had started in January 2011 and if there was equipment delay it would be for phase II. Management reported that it was seeing continuous order increases from SMD and no material pull-back. We forecast shipment of 77 million AMOLED displays in 2011. Management believes that SMD's new Gen 5.5 will use Vapor Thermal Evaporation (VTE) material deposition technique. On Apple's career website, we saw that Apple is hiring flat panel display engineers. The qualification requirements include OLED. While it is too early to think of Apple's adoption of AMOLED displays in the near-term, this shows that Apple is exploring its interests in OLED.” Gabelli & Company has a Buy rating on the company. Shares of Universal Display closed the trading day on Friday at $54.23.