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Fly News Breaks for February 27, 2020
LOGI
Feb 27, 2020 | 05:58 EDT
JPMorgan analyst Paul Chung upgraded Logitech to Overweight from Neutral with a $48 price target. The stock has pulled back 18%since posting "solid fiscal Q3 results and its valuation multiples now look attractive, trading at a 10% discount to three year averages, Chung tells investors in a research note. Further, the analyst expects video conferencing momentum to continue given Logitech's dominant market share, and possible upside to webcam demand, given the indirect benefit from the coronavirus impacts as travel is restricted, and working from home is encouraged. In addition, the company's upcoming analyst day next week is a potential catalyst with a longer term outlook expected.
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