Early this morning, Canaccord Genuity issued a downgrade on Universal Display OLED, dropping it from Hold to Sell and lowered the price target from $30 to a $19.
Analyst Jonathan Dorsheimer stated that the report was more long-term in nature, focusing on the expiration of key patents in 2017. It also had a more near-term component however, as it expressed worry about LG and Samsung entering the phosphorescent materials market.
With the long-term risks, Dorsheimer stated that it was more prudent to value the company on cash flow, which would place the company's share price at $19.
Following the report, Universal Display shares fell 8.2 percent to $29.60 in pre-market trading.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in