Wedbush Upgrades Logitech Despite 'Difficult Supply Chain Environment'
Wedbush Securities upgraded Logitech’s rating to “outperform" from “neutral,” because the stock is trading at a “steep discount” to the company's historical multiple and “at a disconnect relative to its peers,” analyst Michael Pachter wrote investors Tuesday. Logitech “still has…
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to trudge through the mud of tough comparisons and a difficult supply chain environment" before it returns to recent performance levels, assuming "demand remains strong and the company can show re-accelerating growth" in video conferencing, webcams and gaming "after lapping the difficult post-pandemic comps and overcoming current supply chain constraints,” said the analyst. Logitech is well-positioned to capture a “sizeable share” of growth in PC peripherals and video conferencing on strong hybrid work, esports and online community trends, he said. Shares closed at $74.52 Tuesday. Logitech's annual investor day is Thursday.