Morgan Stanley Sees 18% Downside In Logitech - Read Why - Logitech International (NASDAQ:LOGI)

Morgan Stanley analyst Katy Huberty downgraded Logitech International SA LOGI to Underweight from Equal Weight with a price target of $82, down from $119, implying a downside of 17.5%.
In a research note titled 'Data Turning Bearish With More Downside From Here,' Huberty noted that the firm's data shows cyclical tailwinds were fading and difficult year-over-year growth comparisons approaching for Logitech.
Huberty sees a greater probability of negative estimate revisions and multiple compression, suggesting further downside from current levels.
Price Action: LOGI shares traded lower by 7.34% at $89.68 in the premarket session on the last check Tuesday.