Facebook (FB ) shares were down slightly this morning, falling 0.39% to $38.39 after UBS raised its price target on the stock. UBS's Eric Sheridan reiterated his "buy" rating on the social network's stock and increased the price target to $45 from $36. He cited Facebook's momentum in the advertising industry, writing, "This has been driven by advertiser adoption of new product launches in both the recent past (FBX in Newsfeed & mobile app installs) and in the coming future (video ad products for fall 2013)," Sheridan wrote in the note. Additionally, he argued that although Facebook makes more per user than AOL (AOL), Facebook "is still significantly undermonetized vs. Google, its largest advertising peer." Facebook released its second-quarter earnings in July, beating analysts' estimates on by five cents and increasing revenue 53% year-to-year.
Shares of Universal Display Corp (OLED ) soared 12.73% to $33.11 following strong second quarter earnings. The LED supplier's results were well above analysts' estimates, earning 65 cents per share on $49.4 million in revenue, an increase of 65% from the year ago period. Analysts surveyed by Thomson Reuters were expecting 27 cents a share on $37.9 million in revenue. $20 million in revenues came from Samsung due to a licensing agreement between the two companies. CFO Sidney Rosenblatt said the company was "pleased" with the results, adding that he believed they had reached a "level of sustainable commercial technology adoption that can drive strong top-line growth." -- Written by Laura Berman in New York