Piper Jaffray Overweight on LogMeIn
Piper Jaffray is out with a research report on LogMeIn, Inc. (NASDAQ: LOGM) and it has an Overweight rating and a $50 price target on shares.
In a note to clients, Piper Jaffray writes, "LogMeIn reported a largely in-line September quarter, with revenue of $31.0m (+22% y/y) compared to the Street at $30.8m, and PF EPS was reported at $0.18, ahead of the Street at $0.17. Q4 revenue guidance was optically disappointing at $31.8m, which was below the street at $32.7m; however, the weak guide was driven by a new subscription pricing model for Ignition, which will defer some 4th quarter revenue to next year. Most importantly, revenue from core products (the reason to own the stock) grew at 31%, while deferred revenue grew at 33% (37% ex-Intel), both in line with our estimates. Maintain Overweight and $50 PT."
Shares of LOGM are up 43 cents in pre-market trading to $36.15.
