Piper Jaffray Raises Estimates On LogMeIn (LOGM)

Piper Jaffray is raising its estimates on LogMeIn, Inc.

, as it increases its outlook for tablets sold in Q3. It has an Overweight rating, with a $44 price target. In a note to clients, Piper Jaffray writes, "Bottom line, we continue to recommend shares of LOGM based on Ignition, join.me and One2Many upside potential. Yesterday afternoon, Apple reported it sold 4.2 million iPads in the September quarter. Assuming a 1.1% Ignition attachment rate on new units (1.4% in the June quarter), Ignition could account for $970k vs. our model of $945k in the September quarter. This outlook is likely conservative given it ignores the impact of a growing installed base of iPads (3.3m in June and 7.5 in September) and assumes zero Ignition sales to iPad's purchased in the June quarter." Shares of LOGM lost 7 cents yesterday to close at $35.95, a loss of 0.2%.