UPDATE: Piper Jaffray Reiterates Overweight Rating, Lowers PT on LogMeIn on 2013 Guidance

In a report published Friday, Piper Jaffray reiterated its Overweight rating on LogMeIn

, but lowered its price target from $28.00 to $26.00. Piper Jaffray noted, “Guidance eliminated hopes that 2013 would be a bounce back year for LogMeIn, but we believe shares will move higher throughout the year. The cut to 2013 earnings was bad, but not as bad as it looks once you factor in the one year tax rate increase. Aside from taxes, 2013 guidance fell short for two reasons. First, slower growth (grower but slower) of the Rescue Product (~45% of sales/high margin) and greater expenses related to ramping two new products (Join.me & Cubby). Despite investor skepticism, we continue to believe in the company's products, secular theme of connected devices and long term growth opportunity. We expect a near term positive catalyst will be the resolution of the 01 Communique ligation.” LogMeIn closed on Thursday at $23.66.