Universal Display (NASDAQ: OLED) saw its stock price surge 5.14% in pre-market trading on Friday, following a positive analyst update. The significant upward movement comes as Roth Capital raised its price target on the company's shares, signaling increased confidence in Universal Display's future performance.

Roth Capital, a respected financial services firm, elevated its price target for Universal Display from $213 to $220 while maintaining a Buy rating on the stock. This upgrade reflects the analyst's optimistic outlook on the company's prospects. In a similar vein, Roth MKM analyst Scott Searle reaffirmed a Buy rating on Universal Display with the same $220 price target, further bolstering investor confidence.

The dual affirmation of Universal Display's potential by these analysts appears to be the primary driver behind the stock's pre-market rally. Investors often react positively to such upgrades, as they suggest potential for future growth and increased value. As the market digests this news, it will be interesting to see if Universal Display can maintain this momentum throughout the trading session and in the days to come.