Piper Jaffray Maintains Overweight Rating on LogMeIn

According to Piper Jaffray, LogMeIn (NASDAQ: LOGM) Overweight rating is maintained.

Piper Jaffray said that LogMeIn has three products (Ultra-Mobile, Join.Me and Pachube) that collectively account for 2% of revenue in 2012, but have optionality value, with the potential to add 2% to our FY12 estimates and up to 5% to FY13. “Currently, we are conservatively modeling for the core business (90% of revenue) to grow at 23% in 2012.”

LogMeIn closed yesterday at $33.99.