UPDATE: J.P. Morgan Raises PT on LogMeIn Following Patent Litigation Victory

In a report published Wednesday, J.P. Morgan analyst John DiFucci reiterated a Neutral rating on LogMeIn LOGM, and raised the price target from $23.00 to $25.00. In the report, DiFucci noted, “Prior to the close yesterday, LOGM announced that it had prevailed in its patent litigation defense against 01 Communiqué. This victory removes a significant overhang for LOGM stock, though the focus now turns to business execution. Our price target moves up slightly given that we no longer model a downside scenario in which LOGM was forced to pay damages, but we remain Neutral until such a time as we see improved execution from the company.” LogMeIn closed on Tuesday at $21.26.