LogMeln Down +6% After Being Put On List Of Short-Sale Research Shop
LogMeIn (NASDAQ: LOGM) shares plunged after a short-sale research shop put the cloud computing company on its list.
The shop, Off Wall Street, said market saturation and LogMeln's stagnant growth means a sell-off is in the cards. The shop put a $30 target on LogMeIn.
LogMeln sought to rebut the report in a point-by-point blog post, noting that the number of customers for its IT management services is growing and a number of its products are performing well.
Piper analyst Gene Munster disagreed with the Off Wall Street report, and said it understated the company's core business and opportunities from emerging products.
Munster reiterated an Overweight rating and a target of $56.
LogMeIn was nonetheless trading down 6.7 percent at $41.12 in Wednesday's afternoon session.
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