Universal Display ( OLED ), a maker of technology and materials for organic light-emitting diode ( OLED ) displays and lighting, saw its stock surge to a record high Friday in its seventh straight day of gains.
[ibd-display-video id=2567460 width=50 float=left autostart=true]Universal Display shares climbed 3.7% to close at 175.90 on the stock market today .
The Ewing, N.J.-based company is riding high since it delivered much-better-than-expected third-quarter results and guidance on Nov. 2.
Universal Display is benefiting from smartphone makers like Samsung and Apple ( AAPL ) shifting to OLED screens from liquid crystal displays. OLED displays are seen as superior to LCD screens in color reproduction, refresh rate and power consumption. OLED screens are also being adopted for wearables, televisions and automotive displays.
IBD’S TAKE: Universal Display is currently ranked No. 1 on the IBD 50 list of top-performing growth stocks.
Cowen analyst Robert Stone on Friday reiterated his outperform rating on Universal Display stock and raised his price target to 195 from 155.
“We believe Universal Display is poised for another strong year in 2018,” Stone said in a report. He cited multiple catalysts for the stock, including a new multiyear deal with major customer Samsung and the continued ramp up of Apple’s iPhone X, and perhaps new OLED iPhones.
Plus, Universal Display could get a boost from sampling new blue phosphorescent OLED emitter materials and a partnership to make Organic Vapor Jet Printing equipment, Stone said.
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