Brean Capital Starts Logitech International (LOGI) at Buy
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Brean Capital initiates coverage on Logitech International (NASDAQ: LOGI) with a Buy rating and a price target of $30.00.
Analyst Ananda Baruah commented, "We believe LOGI presents a unique opportunity to own an under-appreciated organically transforming company with premium brand cache at an attractive valuation. We consider valuation attractive in the context of 1) Street estimates being potentially materially low for the next 4 - 8 Q's, 2) our $30 valuation requiring just a 20x P/E to achieve our $30 TP (30% appreciation), and 3) potential for double-digit revenue growth and 15% - 20% EPS growth. LOGI is largely covered outside the U.S., and we anticipate a material push for increased U.S.- based coverage could materially help the stock's profile. Finally, with strong FCF generation and ~13% of the Cap in net-cash, we firmly believe that LOGI will deploy capital in a manner not yet discounted in the model or the stock, initially via M&A and then ultimately via share repurchase and / or dividend. We initiate coverage with a Buy rating."
Shares of Logitech International closed at $21.48 yesterday.
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