Cowen & Co.’s Robert Stone today reiterates an Outperform rating on shares of organic LED technology vendor�Universal Display (PANL), writing that an 11% retreat in the stock since�Samsung Electronics (005930KS) unveiled its Galaxy S4 handset on March 14th is a good buying opportunity, given Universal should see strong sales of its technology in the S4.
Samsung, which has been a customer of Universal’s, is seeing strong pre-orders of the S4, writes Stone:
The Galaxy S 4 is expected to hit U.K. stores on April 26th and preorders began March 28th. Carphone Warehouse said pre-registrations were up 446% vs. the GS III. Phones 4U also said GS 4 had the most pre registrations of any phone launched in 2013 and 40% more than GS III in the first 48 hours. Galaxy S III sales have been about 40MM units; we believe GS 4 could do 50MM or more. Samsung #1 In 2012, 23% Share Of Small/Medium FPD Sales. According to DisplaySearch estimates, Samsung led in both units and sales of small/medium displays (9 inches and below). AMOLED revenue in this category nearly doubled, from $3.5B to $6.8B. The next three suppliers by revenue share were Japan Display 15%, Sharp 13%, and LG Display 12%. Samsung has successfully associated OLEDs with the high end of the market, allowing them to capture premium prices.
PANL stock is down 31 cents, or 1%, today at $28.29.
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