JP Morgan Raise Price Target For LogMeln, Inc. (LOGM)

Analysts John DiFucci, Giuseppe Incitti, and David Hafner at JP Morgan have raised the price target for LogMeln, Inc. (NASDAQ: LOGM) from $25 to $27. On Wednesday, the company reported its first-quarter results.

LogMeln reported strong first-quarter results, exceeding expectations across all metrics. The company reported non-GAAP EPS of $0.16 on revenue of $21.3 million. Analysts were expecting the company to report non-GAAP EPS of $0.14 on revenue of $21 million.

Following the first-quarter results, analysts have raised their second-quarter revenue estimate from $22.3 million to $22.5 million and non-GAAP EPS estimate from $0.15 to $0.17. For 2010, revenue estimate has been raised from $92 million to $92.5 million and non-GAAP EPS estimate has been raised from $0.66 to $0.68.

Analysts at JP Morgan have maintained their Overweight rating for LogMeln, Inc.