Dougherty & Co Raises Estimates on LogMeIn (LOGM) Ahead of Earnings, Sees Upside

July 18, 2011 12:41 PM EDT
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Dougherty & Co is reiterating its Buy rating and $50 price target on shares of LogMeIn (NASDAQ: LOGM) as it forecasts another strong quarter of earnings.

The firm is raising its Q2 EPS and revenue estimates from $0.17 and $28.7 million to $0.18 and $29.1 million. The firms 2011 estimates go from $0.73 and $119.4 million to $0.76 and $120.9 million while its 2012 estimates go from $0.88 and $143.8 million to $0.91 and $145.5 million.

The Street is currently forecasting $28.59 million in revenue and EPS of $0.16 for Q2 and $119.1 million and $0.73 for 2011. For 2012 the consensus is $144.89 million in revenue and EPS of $0.92.

An analyst at Dougherty reports, "LogMeIn has maintained a healthy customer renewal rate and historically, the company has renewed 80% of total available renewable dollars. We have assumed that that the renewal rate will remain stable in the future. Any deterioration in the dollar renewal rate will lead to lower-than-expected revenue growth, all else equal. A big part of the company’s growth strategy is to convert its free users of LogMeIn Free and Hamachi to paid subscribers."

For more ratings news on LogMeIn click here and for the rating history of LogMeIn click here.

Shares of LogMeIn closed at $36.45 yesterday.

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