Logitech (LOGI) reported mixed fiscal second-quarter results topping revenue estimates but missing earnings expectations. Shares of the computer peripherals and software manufacturer closed up 1.3% on Thursday at $84.30.
In Q2, adjusted earnings of $1.05 per share fell short of the consensus estimate of $1.10 per share. The company reported earnings of $1.56 per share in the prior-year period.
However, revenues of $1.31 billion were up 4% from the previous year’s quarter and surpassed the Street’s estimates of $1.27 billion. (See Logitech stock charts on TipRanks)
Notably, Logitech reaffirmed its guidance for Fiscal 2022. The company expects flat sales growth in constant currency with a probable variation of nearly 5%. Further, it expects to report adjusted operating income in the range of $800 million to $850 million.
Logitech CEO Bracken Darrell commented, “In Q2 we delivered record sales which beat last year’s exceptional sales levels, growing 4% in the quarter and 82% compared to two years ago. We also grew market share in the majority of our key product categories.”
Looking forward, he added “We are confirming our full year outlook, despite unprecedented supply chain industry challenges. I am excited about the long-term growth potential of Logitech.”
Ahead of the quarterly results, Credit Suisse analyst Serge Rotzer decreased the price target on Logitech to $124.08 (47.2% upside potential) and reiterated a Buy rating.
Based on 3 Buys, 2 Holds, and 1 Sell, the stock has a Moderate Buy consensus rating. The average Logitech price target of $108.80 implies 29.1% upside potential from current levels.
According to TipRanks’ Smart Score system, Logitech gets a 7 out of 10, which indicates that the stock is likely to perform in line with market averages.