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UPDATE: JP Morgan Downgrades LogMeIn to Neutral on Disappointing Guidance

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JP Morgan downgraded LogMeIn (NASDAQ: LOGM) from Overweight to Neutral and lowered the price target from $29.00 to $23.00.

JP Morgan said, "LOGM reported decent 4Q results, but guidance for 1Q and next year was surprisingly well below consensus numbers as the company ramps up spending for growth in newer markets, reduces the growth it anticipates in its core remote support business, and shifts assets offshore resulting in temporary elevated tax rates. As a result, we are reducing our estimates significantly and our rating to Neutral from Overweight."

LogMeIn closed at $23.66 on Thursday.

Latest Ratings for LOGM

DateFirmActionFromTo
Jul 2017KeyBancUpgradesSector WeightOverweight
Apr 2017Cowen & Co.UpgradesMarket PerformOutperform
Dec 2016BairdInitiates Coverage OnNeutral

View More Analyst Ratings for LOGM
View the Latest Analyst Ratings

Posted-In: JP MorganAnalyst Color Downgrades Analyst Ratings

 

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