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Needham & Company Reiterates Strong Buy on LogMeIn (LOGM) Following 2c EPS Beat

October 23, 2015 6:48 AM EDT
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Price: $86.04 --0%

Rating Summary:
    2 Buy, 13 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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Needham & Company reiterated a Strong Buy rating and $84.00 price target on LogMeIn (NASDAQ: LOGM) following the company's 3Q15 earnings results. LOGM's $69.6m in revenue and $0.46 EPS were both above consensus of $69.1m and $0.44. Management raised the CY15 guidance to $269.5-270.1m in revenue and $1.60-1.61 EPS, up from previous guidance of $265-266.5 and $1.51-1.57.

Analyst Scott Zeller commented, "LogMeIn reported solid SeptQ results after yesterday's close, with a slight raise to CY15 guidance, and an early look at CY16 revenue. The fundamental story at LOGM remains the same as we heard early last week, after they announced the acquisition of LastPass and its large free user base (adding another product with potential for monetization). We believe the CY16 outlook of ~20% growth may be conservative, and we are maintaining our above-consensus estimates. LogMeIn continues to be our best idea due to a combination of: 1.) 20%+ recurring revenue growth, plus consistent "beat & raise" quarterly performances and 2.) the potential for monetization of Join.Me, which may bring significant upside to current revenue estimates and provide a catalyst for shares. We are reiterating our STRONG BUY rating and $84 price target."

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 $69.75 yesterday.



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