Oppenheimer analysts raised their price target on Universal Display (NASDAQ:OLED) to $180 from $160 in light of recent positive news flow.

The analysts reiterated their Outperform rating, noting they expect the company to stay on track for further re-rating given strong secular and company-specific growth catalysts in the next 18 months.

In the past two weeks alone, we've seen reports including Samsung's official commitment to building a new Gen 8.7 OLED fab for IT applications by 2025, resumption of WOLED TV supply negotiations between LG and Samsung, and more reports on iPad Pro's adoption of OLED display by 2024.

Year to date, the company’s stock has gained 24%, compared to 12% and 7% gains from SOX and NASDAQ Composite, respectively.