UPDATE: LogMeIn (LOGM) Rated Sell at Off Wall Street; Sees Saturated Market, Unsustainable Gains

(Updated - July 9, 2014 9:54 AM EDT)

LogMeIn (Nasdaq: LOGM) was rated Sell with a target price of $30 by Off Wall Street, according to Bloomberg.

UPDATE - Rationale is two-fold on today's call. Off Wall Street believes that the market for remotely accessing computers is saturated and IT firms are switching to other providers. The second point is that gains in 2013 were largely the result of price increases that the company put to clients and those gains aren't expected to continue through 2014 given stagnant growth in the company's user base.

Shares of LogMeIn are down 7.2 percent Wednesday.

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