UPDATE: JP Morgan Initiates Zagg at Overweight on Growth Outlook

JP Morgan initiated coverage on Zagg

with an Overweight rating and a $13.50 price target. JP Morgan commented, "We expect ZAGG to emerge as a leading brand for accessories and peripherals in the era of mobile consumer electronics. We expect ZAGG to post strong growth over the next two years, owing to channel and geographic expansion, product line extension, and robust attach-rates to underlying growth in smartphones and tablet shipments. Solid execution should shake off recent controversy and buoy the multiple for this heavily-shorted stock." Zagg closed at $8.53 on Friday.