Logitech downgraded to Neutral on challenging macro at JPMorgan

JPMorgan downgraded Logitech to Neutral from Overweight with a price target of $85, down from $92. While the company’s fiscal Q4 report showed continued signs of robust execution, the rebound of the product portfolio to healthy growth in the medium term will remain constrained by a challenging macro environment and its efforts to drive growth will likely need to return to robust promotional levels, the analyst tells investors in a research note. The firm believes Logitech’s setup is now less about optimizing for lower year-over-year declines in revenue in fiscal 2024 as the focus will move to driving healthy revenue growth in fiscal 2025.