Logitech Analyst Sees Investors Unlikely To Engage Pending Signs Of Bottoming
- Citigroup analyst Asiya Merchant maintains Logitech International SA (NASDAQ: LOGI) with a Buy and lowers the price target from $70 to $60.
- Logitech provided a much more bearish outlook on consumer hardware spending trends, relative to some peers Lenovo Group Ltd (OTC: LNVGY), HP Inc (NYSE: HPQ), Dell Technologies Inc (NYSE: DELL), Corsair Gaming, Inc (NASDAQ: CRSR) with slight improvement likely from March '23 levels.
- Management attributed the weak guide to limited visibility and persistent macro headwinds, although the analyst senses conservatism amidst a CFO transition is also in play.
- On a positive note, Logitech reiterated long-term targets backed by TAM of gamers, hybrid workers, and content creators, leading market share across several categories, ASP premiumization, and potential for margins to pick up.
- The analyst believes the share price currently reflects macro headwinds.
- However, the analyst sees investors as unlikely to engage until signs of bottoming emerge, in the Thursday note titled "Cutting Expectations Amidst More Bearish Outlook Than Peers."
- Barclays analyst Tim Long maintains Logitech with an Overweight, lowering the price target from $65 to $60.
- Morgan Stanley analyst Erik Woodring maintains Logitech with an Underweight, raising the price target from $39 to $40.
- Price Action: LOGI shares traded higher by 2.8% at $54.18 on the last check Thursday.
- Photo Via Company
Latest Ratings for LOGI
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Mar 2022 | Loop Capital | Upgrades | Hold | Buy |
| Mar 2022 | Morgan Stanley | Maintains | Underweight | |
| Mar 2022 | Wedbush | Upgrades | Neutral | Outperform |
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