NEW YORK (TheStreet) -- Shares of Universal Display (OLED) - Get Report closed higher by 2.45% to $65.97 on heavy trading volume on Wednesday, as Needham & Co. upped its price target on the stock to $69 from $62 earlier today.
The firm has reiterated its "buy" rating on the Trenton, NJ-based company.
The higher price target comes as Needham has greater confidence that OLED technology will accelerate in displays for mobile phones and other devices.
"We came away from an NDR with UDC mgmt on the West Coast and from this week's Society for Information Displays (SID) conference in San Francisco more optimistic about the accelerating transition to OLED displays, and particularly flexible OLED displays, in the mobile market," the firm wrote in a note cited by Barron's.
On Monday Universal Display's shares spiked after Goldman Sachsupgraded the stock to "buy" from "neutral." The firm believes the company will benefit as Apple (AAPL) starts using organic LED technology in the iPhone for the first time next year.
About 1.31 million of the company's shares were traded today vs. its average volume of 750,809 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