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February 25, 2013
10:52 EDTPANLUniversal Display sinks after Piper says Samsung using second vendor
Universal Display (PANL), which develops organic light emitting diodes, is retreating after Piper Jaffray analyst Jagadish Iyer wrote in a note to investors earlier today that it is increasingly likely that the company will not be the exclusive supplier of green host for Samsung's (SSNLF) next generation flagship smartphone, the Galaxy S4. After speaking with industry experts, the analyst believes that Samsung will use green host from both Universal Display and another vendor. Moreover, Iyer warned that Samsung plans to take steps, such as recycling and process optimization, that could prevent Universal Display's revenue from increasing by the same amount as sales of Samsung devices. Iyer, who also noted that the timing of the S4's launch has not yet been determined, reduced his price target on Universal Display to $16 from $18 and reiterated an Underweight rating on the stock. Shares of the company sank $3.15, or 9.5%, to $29.60 in mid-morning trading.
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