Piper Jaffray Reiterates Overweight Rating on LogMein Inc. (LOGM)

Piper Jaffray is out with a research report this morning, where it reiterates its Overweight rating on shares of LogMein Inc. LOGM; it has a price target on the stock of $44.00, The Piper Jaffray analysts said that they expect LogMeIn to launch the full version of the company's Join.me collaboration tool to the public sometime in the next two weeks. They are modeling for the product to capture only 0.4% of the online collaboration market in FY11, which adds 9% to Street EPS and 2% to revenue. They added that, separately, they expect LogMeIn to report PF EPS of $0.21 in the September quarter, $0.02 ahead of the street's $0.19 expectation. As for valuation, the analysts remarked, “Overweight. Our $44 price target is based on 30x 2011E EV/adj. EBITDA of $32.8M, $107M net cash, 24.7 million shares.”