Apple supplier Universal Display falls after profit miss

Universal Display

07/08/2020 13:30

** Shares of Universal Display Corp  OLED.O , which makes
OLED screens used in Apple  AAPL.O  iPhones, fall 8.3% to
$170.30 premarket
    ** Stock on pace for its worst day since mid-March and is
set to lose all of this week's gains after co misses Q2 profit
estimates due to a fall in demand for its emitter products used
in phone screens 
    ** OLED reports Q2 EPS of $0.02 vs. analysts' estimates of
$0.30; Also misses revenue estimates- Refinitiv IBES
 urn:newsml:reuters.com:*:nBw5QdJC4a
    ** Susquehanna cuts PT on stock by $8 to $120, a 35.7%
discount to stock's Thursday closing price; Stock has a median
PT of $176     
    ** However, analysts at Cowen & Co say emitter sales should
improve in Q3 and build further in Q4, as production of the next
iPhone ramps up in the December quarter
    **  Universal Display shares down 9.5% this year


 (Reporting by Uday Sampath in Bengaluru)
 ((UdaySampath.Kumar@thomsonreuters.com; within U.S.+1 646 223
8780; Twitter: @sampath_uday;))