Needham & Company Raises LogMeIn (LOGM) to $84 Following 2Q Beat

Needham & Company reiterated a Strong Buy on LogMeIn (NASDAQ: LOGM), and raised the price target to $84.00 (from $70.00), following 2Q15 results. LOGM’s $64.8m revenues and $0.35 EPS were above $64m and $0.33 EPS consensus. Management raised FY15 revenues by 2.5M to $265-266.5m and EPS was raised to $1.51-1.57.

Analyst Scott Zeller commented, "The LogMeIn quarter was another beat and raise, continuing a long streak of strong performance since the company decided to pivot to “paid” rather than exclusively “freemium” back in 2013. The most impressive point of the quarter is that we are now 6mos into the anniversary of monetizing “PRO” (anniversaried in MarQ) and yet the company is still beating and raising on an organic basis (no need for new catalyst of Join.Me). Our Strong BUY thesis is largely based on the expected monetization of Join.Me, which we believe has a registered userbase of 8-10m individuals. If LOGM discontinues “freemium” for Join.Me, we believe estimates could be raised materially. Raising estimates, new target $84, reiterate STRONG BUY. LOGM continues to be our top idea for CY15."

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 $65.51 yesterday.

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