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

July 9, 2014 8:00 AM EDT Send to a Friend
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Price: $51.35 --0%

Rating Summary:
    8 Buy, 3 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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(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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Comments

40% Loss, not 40% Missed Estimate
Paul on 2014-11-12 10:43:59
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My apologies.. to clarify, I meant OffWallStreet would have caused a 40% loss with a short position at $30 when the stock is actually now $50-$51. I would like to see an updated price target on LOGM

Off Wall Street Research Firm off by 40%
Paul on 2014-11-12 10:37:50
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What happened to LogMeIn stock going down to $30? Today it reached $51. Would like to hear an updated research on LOGM price target since OffWallStreet missed their estimate by 40%


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