Needham & Company Upgrades LogMeIn (LOGM) to Buy

February 14, 2014 6:21 AM EST
Get Alerts LOGM Hot Sheet
Price: $103.50 +3.09%

Rating Summary:
    8 Buy, 5 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 22 | New: 54
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Needham & Company upgraded LogMeIn (NASDAQ: LOGM) from Hold to Buy with a price target of $48.00.

"LogMeIn's DecQ results were a solid beat and raise, and we believe guidance for CY14 may be conservative," analyst Scott Zeller said. "The combination of conservative guidance, plus demonstrated ability to move “free to pay” gives us confidence to upgrade shares of LOGM. We note CY14 guidance is based on the ability to monetize 100,000 users, which we believe is only a 1% conversion of free-to-premium, and is likely conservative. Upgrade to BUY, new price target $48. Our $48 target price is 5x EV/CY14 revenue, which is below the SaaS/recurring software group average of 6.8x EV/CY14 revenue."

For an analyst ratings summary and ratings history on LogMeIn click here. For more ratings news on LogMeIn click here.

Shares of LogMeIn closed at $33.27 yesterday.

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