UPDATE: LogMeIn (LOGM) Rated Sell at Off Wall Street; Sees Saturated Market, Unsustainable Gains
- Top 10 News for 5/23 - 5/27: Computer Sciences to Acquire Key Enterprise Asset; Bayer Makes Run at Monsanto; Twitter has 'Character' Change
- Wall Street puts finishing touch on best week since March
- Marketo (MKTO) Deal Talk to Force Microsoft's (MSFT) Big Wallet Into Action
- Thermo Fisher (TMO) to Acquire FEI Company (FEIC) in ~$4.2B Deal
- Valeant Pharma (VRX) Rejected Joint Takeda, TPG Takeover Approach - WSJ
(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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Relypsa (RLYP) to Trade Toward Takeover Valuation After Competitor Delay - Mizuho
- MasterCraft (MCFT) Declares $4.30 Special Dividend; 32.7% Yield
- Oil rally faces resistance above $50 a barrel
Create E-mail Alert Related CategoriesAnalyst Comments, Hot Comments, Momentum Movers, Short Sales, Trader Talk
Related EntitiesRaising Prices
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!