Logitech initiated with an Overweight at Barclays

Barclays analyst Tim Long initiated coverage of Logitech with an Overweight rating and $65 price target. The company has successfully transitioned from a mono-brand with PC dependency to a "multi-brand and multi-category cloud peripherals company under the best of breed CEO Bracken Darrel," Long tells investors in a research note. The analyst says Logitech is a market leader in two-thirds of its 30 product categories. He views the company as the most underappreciated player in the space, with easier compares and a replacement cycle on the horizon led by gaming.