$OLED Bullish move in Universal Display.15% Gain PreMarket
Universal display posted much better earnings than expected on Thursday after-hours, resulting in a massive 15% pop in the premarket today. OLED also increased its 2019 outlook which is definitely against the trend in the sector. Having already gained 67% in 1 year, now may no be the time to be jumping in, but it is one for the watchlist on any pullback in the market.
"While upside surprise came mostly from South Korea customers (up 36% quarter over quarter), sales to Chinese panel makers also grew significantly, now accounting for 24% of total (up from 20% a year ago)," wrote Oppenheimer's Andrew Uerkwitz, who rates shares at outperform. "As Chinese panel makers start to prove their ability to ship OLED display in high volume, we believe 2019 to 2021 will see significant expansion of OLED markets across display sizes."
"While upside surprise came mostly from South Korea customers (up 36% quarter over quarter), sales to Chinese panel makers also grew significantly, now accounting for 24% of total (up from 20% a year ago)," wrote Oppenheimer's Andrew Uerkwitz, who rates shares at outperform. "As Chinese panel makers start to prove their ability to ship OLED display in high volume, we believe 2019 to 2021 will see significant expansion of OLED markets across display sizes."