Needham & Company Downgrades LogMeIn (LOGM) to Hold; Cutting Estimates on Weak Outlook
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Price: $86.04 --0%
Rating Summary:
2 Buy, 13 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 11 | New: 6
Rating Summary:
2 Buy, 13 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 11 | New: 6
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Needham & Company downgraded LogMeIn (NASDAQ: LOGM) from Buy to Hold.
Analyst, Scott Zeller, said, "We are lowering our rating on LOGM based on a combination of drivers that are challenging the company. The downward revision in revenue for CY12, while down a modest $2.5m at the midpoint, is indicative of headwinds in Europe, specifically with large deals. More broadly, the slight JuneQ revenue miss, combined with the flattish q/q conversion rates, suggest
LOGM revenue growth is losing momentum. As a SaaS company that takes revenue ratably, it may take numerous quarters to “dig out” of the downward revenue forecast."
FY12 EPS estimate lowered from $0.65 to $0.64 and FY13 from $0.86 to $0.79.
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 $30.87 yesterday.
Analyst, Scott Zeller, said, "We are lowering our rating on LOGM based on a combination of drivers that are challenging the company. The downward revision in revenue for CY12, while down a modest $2.5m at the midpoint, is indicative of headwinds in Europe, specifically with large deals. More broadly, the slight JuneQ revenue miss, combined with the flattish q/q conversion rates, suggest
LOGM revenue growth is losing momentum. As a SaaS company that takes revenue ratably, it may take numerous quarters to “dig out” of the downward revenue forecast."
FY12 EPS estimate lowered from $0.65 to $0.64 and FY13 from $0.86 to $0.79.
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 $30.87 yesterday.
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