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Universal Display  (OLED - Get Report) shares rose 8% to 169.60 Friday, a day after the company reported a first-
quarter sales beat and provided guidance on sales.

First-quarter 2019 net income was $31.5 million or 66 cents per diluted share compared to $6 million or 13 cents per diluted share in the first quarter of 2018.

Total revenue in first-quarter 2019 was $87.8 million vs. $43.6 million in first-quarter 2018.

The company sees full-year revenue of $345 million to $365 million vs. an estimate of $337.3 million.

Shares traded as high as $190 early in Friday's session before pulling back.

The upside surprise is mostly from its South Korean clients, while sales to panel makers in China also
grew significantly, Oppenheimer said.

Directors approved a second-quarter cash dividend of 10 cents per share on the company's common stock payable on June 28, 2019 to shareholders of record as of June 14. 

The stock has 11 buys, 3 holds and no sell ratings. It has an average price target of $188, according to Bloomberg data.