Logitech downgraded to Neutral from Buy at UBS

UBS analyst Joern Iffert downgraded Logitech to Neutral from Buy with a CHF 57 price target. Citing the incrementally tougher environment, the analyst now only expects Logitech’s sales growth to turn positive in 2024. The recent opening of China may result in lower demand for gaming and PC peripherals as consumers might spend elsewhere, the analyst tells investors in a research note. In the low barrier to entry hardware industry Logitech is operating in, the company faces rising competition risks from both small and larger consumer companies, contends UBS.