J.P. Morgan Updates Financial Model On LogMeIn

According to J.P. Morgan, LogMeIn (NASDAQ: LOGM) announced today the second acquisition in its history with the purchase of the Pachube service, a platform for monitoring and analyzing data generated by Internet-connected (non-computing) devices.

J.P. Morgan said that it is updating its financial model to reflect the earnings dilution resulting from the deal. “As a result of the incremental $1M of operating expense per quarter management expects, we are reducing our FY2011 and FY2012 non-GAAP EPS to $0.68 and $0.82 from $0.73 and $0.91, respectively. We assume no incremental revenue from Pachube during our forecast period.”

LogMeIn closed yesterday at $37.90.