UPDATE: Wunderlich Securities Reiterates Hold Rating, Lowers PT on LogMeIn on Challenging Outlook

In a report published Friday, Wunderlich Securities reiterated its Hold rating on LogMeIn

, but lowered its price target from $47.00 to $22.00. Wunderlich Securities noted, “LogMeIn, Inc. (LOGM) reported solid 4Q12 results after the close yesterday, with revenues setting another all-time high and earnings moderately ahead of expectations excluding a one-time tax benefit. However, guidance for an unexpected sequential revenue decline, slower-than-expected revenue growth in 2013 and much lower than estimated EPS leaves a challenged near-term outlook. While its valuation in some respects could warrant continued support having already been pressured over the past year, our concern over diminishing returns on marketing spend has driven our decision to lower our rating to Hold. We are cutting our price target to $22.00 from $47.00 given sharply lower 2013 growth and earnings.” LogMeIn closed on Thursday at $23.66.