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PacCrest Sees Good Year For Service Cloud Stocks, Highlights LogMeIn

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Pacific Crest recently issued a company update on LogMeln Inc (NASDAQ: LOGM) as the company has had solid product execution and looks to be in a good position to take advantage of Service Cloud growth. Pacific Crest rates LogMeln at Overweight with an $86 price target.

Analyst Ben McFadden wrote, "We believe LogMeIn continues to outperform Street expectations with its Rescue brand. The remote support market is fragmented and crowded with many cheaper offerings, but LogMeIn has distanced itself from competitors by providing support for a larger number of devices, greater availability and new functionality around features such as whiteboarding. This focus on quality is why we believe LogMeIn has been able to obtain a premium list of customers for computer and mobile device support."

Pacific Crest noted that LogMeln has several positive catalysts going forward including market share gains, improving traction with enterprises, and larger than expected free cash flow generation. Furthermore, its Rescue Brand could significantly improve the company's growth in the near term due to the high margins of the Services Cloud segment. Overall, Pacific Crest believes that LogMeln can continue to deliver 20 percent revenue growth, which may allow the firm to exceed near-term earnings estimates.

Shares of LogMeln recently traded at $60.55, down 1.62 percent.

Latest Ratings for LOGM

DateFirmActionFromTo
Oct 2019Initiates Coverage OnBuy
Aug 2019AssumesEqual-Weight
Apr 2019DowngradesOverweightUnderweight

View More Analyst Ratings for LOGM
View the Latest Analyst Ratings

Posted-In: Ben McFadden Pacific CrestAnalyst Color Price Target Analyst Ratings

 

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