Logitech upgraded to Equal Weight from Underweight at Morgan Stanley

Morgan Stanley analyst Erik Woodring upgraded Logitech to Equal Weight from Underweight with a price target of $56, up from $40. The analyst says the two key pillars of the firm’s Underweight thesis have played out. Channel inventory is down 55% versus Q3 of 2022 and back to pre-COVID levels, and negative estimate revision risk is more limited post the company’s March capital markets day, the analyst tells investors in a research note. The firm now sees a more balanced catalyst path and risk/reward for shares of Logitech.