UPDATE: JP Morgan Downgrades LogMeIn to Neutral on Disappointing Guidance
JP Morgan downgraded LogMeIn (NASDAQ: LOGM) from Overweight to Neutral and lowered the price target from $29.00 to $23.00.
JP Morgan said, "LOGM reported decent 4Q results, but guidance for 1Q and next year was surprisingly well below consensus numbers as the company ramps up spending for growth in newer markets, reduces the growth it anticipates in its core remote support business, and shifts assets offshore resulting in temporary elevated tax rates. As a result, we are reducing our estimates significantly and our rating to Neutral from Overweight."
LogMeIn closed at $23.66 on Thursday.
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