Logitech price target raised to $90 from $85 at Wedbush

Wedbush analyst Alicia Reese raised the firm’s price target on Logitech to $90 from $85 and keeps a Neutral rating on the shares. After significant pandemic-era expansion throughout its categories, macroeconomic headwinds and currency pressure halted Logitech’s growth trajectory. Logitech’s first half of 2024 results teased a potential inflection point for the year, while its current full year 2024 guidance balanced the downside scenario of another difficult holiday with the upside potential that consumer spending will continue to rebound, the firm says. Wedbush thinks holiday sales levels will allow management to again raise FY24 guidance modestly, particularly as sales trends appear to be lifting on easing macroeconomic trends. The firm believes Logitech is well-positioned to benefit from a rebound in global gaming and that it is benefiting from an over-extended PC peripheral refresh cycle.