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Universal Display ( OLED ) stock surged as much as 10.7% on Monday on a bullish report about the prospects for its OLED display technology and materials in smartphones, including next year’s rumored iPhone 8 from Apple ( AAPL ). Universal Display shares were up 9.5%, near 62, in afternoon trading on the stock market today . The stock hit a recent high of 63 on April 19, which is just below its all-time high of 63.58 from April 2011. Goldman Sachs analyst Brian Lee on Monday raised his rating on Universal Display to buy from neutral and upped his 12-month price target to 76 from 55. OLED is a “secular winner” as devices shift from LCD to OLED displays, which boast richer colors and low power usage, Lee said. “In the near term, we expect (Universal Display) to be a key beneficiary of Apple’s first-time adoption of OLED displays for iPhone starting in 2017,” he said. “Beyond Apple, we see OLED benefiting from a secular shift across the handset market with roughly 10% penetration today but a potential ‘LED 2.0’ hockey-stick adoption across multiple product cycles and categories in coming years.” In a “blue sky” scenario, OLED could reach 100% penetration of smartphones, 50% of tablets and 20% of TVs after 2020, he said. RELATED: Universal Display Facing ‘Frothy’ OLED Expectations Scalper1 News
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