Loop Capital analyst Ananda Baruah raised his price target on Logitech to $58 and kept his Buy rating after its Q3 earnings beat and maintained FY20 revenue growth guidance. The analyst believes that the company is "very well positioned" to generate upside in 2021 relative to consensus, driven by progress in its key product categories of gaming and video collaboration while also cultivating new opportunities such as content creation. Baruah adds that Logitech is trading near the median of its historical valuation range at 21-times expected earnings, but when it generates revenue growth that is consistent at the higher end of forecast, it trades toward the high end of that range of 16- to 26-times expected earnings.