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Universal Display (OLED) Soars 4.4%: Is Further Upside Left in the Stock?

Zacks Equity Research
·2 分鐘文章

Universal Display Corp. OLED shares ended the last trading session 4.4% higher at $194.16. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 7.6% gain over the past four weeks.

Universal Display is benefiting from OLED IT product launches by prominent device manufacturers worldwide. Strong OLED proliferation in smartphones and TVs is a tailwind. Emerging markets of foldable smartphones, electric vehicles, and AR and VR wearables also boast a significant growth opportunity.

The company is making steady progress in the development of a commercial phosphorescent blue emissive system. It is planning to launch the phosphorescent blue in 2024. Management expects the introduction of the entire series of red, green, and blue phosphorescent emissive materials will likely open up ample possibilities in a variety of OLED applications. Backed by solid momentum in multiple end markets, the company has presented bullish guidance for 2024. This has instilled investor optimism, which probably propelled the share price appreciation.

This organic light-emitting diode technology company is expected to post quarterly earnings of $1.13 per share in its upcoming report, which represents a year-over-year change of +8.7%. Revenues are expected to be $159.26 million, up 8.7% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

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For Universal Display, the consensus EPS estimate for the quarter has been revised 0.7% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on OLED going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Universal Display is part of the Zacks Electronics - Miscellaneous Components industry. nVent Electric NVT, another stock in the same industry, closed the last trading session 0.2% higher at $78.38. NVT has returned -2.9% in the past month.

For nVent , the consensus EPS estimate for the upcoming report has changed -0.1% over the past month to $0.82. This represents a change of +6.5% from what the company reported a year ago. nVent currently has a Zacks Rank of #3 (Hold).

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