Logitech downgraded at UBS on ‘incrementally tougher’ environment

UBS downgraded Logitech to Neutral from Buy with a CHF 57 price target. Following various industry analysis and expert calls, the firm concludes that the environment for Logitech is "getting incrementally tougher" and it reduced its FY24 and FY25 EPS forecasts by 10% and 11%, respectively. While cost savings will be supportive to earnings growth, Logitech is "operating in a low barrier to entry hardware end market" and visibility on top line growth is something that is missing right now, UBS added.