Goldman Sachs Turns Bullish On This Switzerland-Based Consumer Electronics Company

  • Goldman Sachs analyst Alexander Duval upgraded Logitech International SA LOGI to Buy from Neutral with a price target of CHF 107, up from CHF 88.
  • The price target represents more than a 50% upside. 
  • The company's recent solid execution with an outlook for growth in the coming fiscal year creates an attractive valuation at current share levels. 
  • The analyst forecasts re-accelerating sales expansion in FY23 onwards, reflecting his view of solid secular trends in gaming and video-conferencing. 
  • BofA Securities saw Logitech generate a CAGR of 8% in revenues and 10% in EBITDA between FY22 and FY26, thanks to its strong track record and exposure to the "secular megatrend (social media, gaming, video calling, etc.)" and a path towards "higher ASP products."
  • Logitech reported a Q3 FY22 sales decline of 2% year-on-year to $1.63 billion, beating the consensus of $1.27 billion. Non-GAAP EPS of $1.55 beat the consensus of $1.10.
  • Logitech also raised its FY22 outlook.
  • Price Action: LOGI shares traded higher by 4.28% at $74.50 in the premarket session on the last check Monday.
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