Citi Initiates Coverage on Logitech (LOGI) with a Buy
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Citi initiates coverage on Logitech (Nasdaq: LOGI) with a Buy.
Citi analyst says, "Logitech is a play on the ‘digital home’ — a concept taking off with the advent of digital music, High Definition (HD) video, flat panel TVs, HD games consoles, MS Windows Vista, and home networks (wired & wireless). While we are in the midst of a consumer-led recession, we see Logitech as a defensive play in the hardware sector due to its strong competitive position, structural growth profile, strong free cash flow generation, and product pricing model (strategy to be the ‘affordable premium brand’ with product ASPs typically <$100)."
Logitech International S.A. (Logitech) is engaged in the design, development, production, marketing and support of personal peripherals for personal computers and other digital platforms in PC navigation, Internet communications, digital music, home-entertainment control, interactive gaming and wireless devices.
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