Logitech Jumps on Bullish Reports from Goldman, BofA
2022.04.04 18:12
By Dhirendra Tripathi
Investing.com – Logitech (NASDAQ:LOGI) stock climbed 6.2 % Monday after two brokerages issued a bullish outlook for the company.
Goldman Sachs’s Alexander Duval upgraded the stock to ‘buy’ with a target of CHF 107 ($115), a more than 50% upside, according to The Fly.
Duval was earlier ‘neutral’ on the stock and had a CHF 88 target.
The company’s “strong recent execution” with an outlook for growth in the coming fiscal year creates an attractive valuation at current share levels, Duval wrote in his note. The analyst forecasts re-accelerating sales expansion in fiscal 2023 onwards,
According to the analyst, Logitech is positioned as a “key digital enabler” amid secular trends in gaming and video-conferencing.
The stock got a ‘buy’ from BofA Securities as well which initiated coverage with a target of $107, according to StreetInsider.
BofA analyst Adam Angelov expects the company to keep up with its momentum of grabbing market share. According to him, the company has an upgrade path for consumers to buy higher-priced products.
