Logitech price target lowered to $60 from $70 at Citi

Citi analyst Asiya Merchant lowered the firm’s price target on Logitech to $60 from $70 and keeps a Buy rating on the shares. The company provided a "much more bearish outlook" on consumer hardware spending trends relative to some peers, with limited improvement expected from March 2023 levels, the analyst tells investors in a research note. Management attributed the weak guide to limited visibility and persistent macro headwinds, although there may also be some conservatism amid a CFO transition, says the firm. Citi thinks investors are unlikely to engage in the stock until signs of bottoming emerge.