Needham & Company upgraded LogMeIn (NASDAQ: LOGM) from Buy to Strong Buy with a price target of $70.00 (from $55.00).

Analyst Scott Zeller commented, "The MarQ LogMeIn results were another beat and raise, despite the F/X challenges in software this earnings season. We find the beat and raise impressive because the company has not had to use its big “looming catalyst” of monetizing Join.Me, which remains largely a freemium product, while the rest of the company is now paid-only. LOGM has been our Top Pick for 2015, based on our conviction that monetizing Join.Me is not reflected in consensus estimates. We believe the company continues its strong performance because the renewals and pricing firmness on “pro” and “central” products are better than anticipated (lower churn, better pricing power). We believe strong guidance indicates continued strong renewals, and Join.Me remains a possible future catalyst for upside. Upgrade to STRONG BUY, raising estimates, new target $70."

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Shares of LogMeIn closed at $58.62 yesterday.