Universal Display remains Oppenheimer’s ‘highest conviction idea into 2024’

Oppenheimer kept its Outperform rating on Universal Display (NASDAQ:OLED) but raised its price target on the stock to $210 from $180 based on its newly introduced 2025 EPS of $5.83. The analysts said Universal Display remains their highest conviction idea into 2024. The company is well positioned to deliver high-teens revenue growth with strong operating leverage without significant recovery in underlying markets. While rate of penetration of OLED displays in smartphone and TV is moderating, more idiosyncratic growth drivers (iPad Pro with OLED, Chinese OLED ramping, blue materials) will support the company to grow at much faster rates than end…