Needham & Company Starts LogMeIn (LOGM) at Buy; Going For Best-of-Breed SaaS Infrastructure Play

Needham & Company initiates coverage on LogMeIn (NASDAQ: LOGM) with a Buy. PT $48.00.

Analyst, Scott Zeller, said, "After DecQ and the CY12 guidance which unveiled the Ignition revenue change, and corresponding reset of operating margins from 23% down to 18-19%, we believe the bar has been reset for LOGM, and we would take advantage and build positions as LOGM expands margins through CY12, leveraging its best-in-class infrastructure (Gravity Platform) which has a cost advantage over competitors in the SaaS world (90% gross margins at LOGM)."

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 $35.26 yesterday.

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