Universal Display falls after Citi cuts rating
OLED•Universal Display shares fell 4.5% in premarket trading after Citigroup downgraded the stock to sell from neutral and cut its price target to $71 from $85. Citi cited smartphone market weakness and delayed adoption of blue OLED technology.
1. Citi lowers rating
Universal Display shares fell 4.5% to $73.80 in premarket trading after Citigroup downgraded the stock to sell from neutral and cut its price target to $71 from $85. Citi cited continued smartphone market weakness, delayed adoption of blue OLED technology, elevated memory costs and weak demand for low- and mid-tier smartphones.
