NEW YORK (TheStreet) -- Shares of Universal Display (OLED) - Get Report are spiking by 8.4% to $61.15 on heavy trading volume late Monday morning, as Goldman Sachs upgraded the stock to "buy" from "neutral" and raised its price target to $76 from $55.

The firm believes the Trenton, NJ-based company will benefit as Apple (AAPL) begins using organic LED technology in the iPhone for the first time next year, Barron's reports.

"We expect OLED to be a key beneficiary of Apple's first-time adoption of OLED displays for iPhone starting in 2017," Goldman wrote in a note.

The firm also said there could be a "hockey-stick" style of growth in OLED use in the smartphone industry in later years.

Additionally, Goldman believes Universal Display could make as much as $15 per annum in a "blue sky" scenario where OLED spreads beyond phones to "larger-scale" displays such as tablets and TVs, Barron's noted.

About 1.15 million of the company's shares changed hands so far today compared to its average volume of 648,511 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

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