NEW YORK (TheStreet) -- Shares of Universal Display (OLED) - Get Report closed higher by 2.94% to $67.91 on Thursday, as Cowen& Co. increased its price target to $75 from $65 earlier today. The firm also reiterated its "outperform" rating.
The higher price target comes after Cowen attended the "Display Week" conference in San Francisco this week.
"A key theme of Display Week was increasing realism: flat panel displays like windows to the real world, VR experiences that transport the user to new realms, and AR seamlessly enriching the field of view. We raise OLED PT to $75 (vs. $65) on further evidence of share gains," the firm wrote in a note cited by Barron's.
Yesterday, Needham & Co. upped its price target on the Trenton, NJ-based company to $69 from $62. The firm has greater confidence that OLED technology will accelerate in displays for mobile phones and other devices.
On Monday, Goldman Sachsupgraded the stock to "buy" from "neutral" and raised its price target to $76 from $55.
Goldman believes the company will benefit as Apple (AAPL) begins using organic LED technology in the iPhone for the first time next year.
About 1.02 million of Universal Display's shares changed hands today compared to its average 30-day volume of 775,359 shares per day.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C+ on the stock.
The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its increase in net income, largely solid financial position with reasonable debt levels by most measures and growth in earnings per share.
However, the team also finds weaknesses including disappointing return on equity, premium valuation and weak operating cash flow.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: OLED