Piper Jaffray Maintains Overweight, $50 PT on LogMeIn

Piper Jaffray reiterates its Overweight rating and $50 price target on LogMeIn

on expected core business strength. Piper Jaffray says, "For the December quarter, (Feb 15) as we anticipate results in line to slightly better than the Street ($32m & $0.18). While we believe that Ignition's move to a subscription model is the right long term strategy, we are tempering our 2012 estimates from $4m to $2m to be conservative. We expect 2013 to be an inflection year for Ignition revenue. Separately, both Ignition & Join.Me should continue to widen the top end of the funnel, which will continue to provide a pipeline for new subscriptions through CY12&13." LOGM closed at $41.06 a share on Monday.