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Common Show (NASDAQ:OLED) inventory soared 15.4% on Friday after the agency reported Q3 outcomes that topped estimates regardless of continued weak point in smartphone and client electronics demand.
The corporate additionally reiterated its 2022 income steerage.
Common Show (OLED) reported Q3 EPS of $1.12, whereas income grew 11.8% Y/Y to $160.56M.
Q3 value of fabric gross sales elevated 18% to $34.1M as a consequence of underutilization of the agency’s manufacturing facility in Shannon, Eire. Gross margin was 77% vs. 78% in Q3 2021, damage by prices related to the plant.
“This underutilization is anticipated to maneuver near-term materials gross margins to the low 60% vary this yr and complete gross margins for the yr to ~78%,” mentioned CFO Brian Millard in an earnings name.
Needham reduce its value goal on Common Show (OLED) to $128 from $140, implying 42.3% potential upside to its final shut.
The funding agency maintained its Purchase ranking because it believes the risk-reward is engaging given long-term progress prospect.
“Though we imagine the deteriorating macro setting is prone to be an overhang on 2023, Common Show (OLED) nonetheless anticipates a powerful funding cycle for brand spanking new OLED capability looking to 2024 when it’s anticipated to have its blue phosphorescent emitter contributing to revenues,” analyst James Ricchiuti mentioned in a observe to purchasers.
Needham reduce its This autumn income estimate to $143.3M from $154.8M and EPS estimate to $0.84 from $1.08.
It now expects 2023 EPS of $4.07 (earlier $4.50), with revenues forecast at $622.6M (+5%) vs. prior $638.6M.
“We imagine buyers can be more and more targeted on the influence of a commercialized inexperienced emitter and new trade capability exiting 2023,” mentioned Ricchiuti.
Cowen additionally lowered its PT to $130 from $145, implying 44.5% potential upside.
Needham’s ranking is in step with bullish sell-side scores, however contrasts SA Quant’s Maintain ranking.
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