Logitech downgraded to Neutral at Wedbush after another guidance cut

As previously reported, Wedbush analyst Alicia Reese downgraded Logitech to Neutral from Outperform with a price target of $60, down from $70, after the company was forced to cut its FY23 guidance again due to macro and currency pressures. Though she thinks the long-term outlook "remains robust," Reese says shares are likely to "tread water" until investors regain confidence.