Morgan Keegan Maintains Outperform, $47 Target on LogMeIn

Morgan Keegan reiterates its rating of Outperform with a $47 target price on LogMeIn (NASDAQ: LOGM) following solid results for the fourth quarter.

Morgan Keegan says, "LOGM reported solid results for the 4Q11 period yesterday with good product revenue growth, margin performance and customer additions. We believe the main takeaways from the call: 1) Solid growth across all product segments and core product revenue growth of 24%, and 2) Significant new user participation (+2 million new active users, +15% Q/Q and +37% Y/Y) from both the free Ignition and Join.me collaboration products."

LOGM closed at $37.58 a share on Wednesday.