- The stock price of Logitech International SA (NASDAQ: LOGI) has received a price target increase from $110 to $130 by Citi. These are the details.
The stock price of Logitech International SA (NASDAQ: LOGI) has received a price target increase from $110 to $130 by Citi. And Citi analyst Asiya Merchant is keeping a “Buy” rating on the shares after the company reported its Q3 results.
Merchant noted that he is remaining a buyer of Logitech and he said that the company continues to demonstrate strong operational execution along with “strong underlying mid-term growth trends.”
Logitech had announced its Q3 sales on Monday, January 18. And Logitech’s Q3 sales were $1.67 billion, up 85% in US dollars and 80% in constant currency compared to Q3 of the previous year. The Q3 GAAP operating income grew 248% to $448 million, compared to $129 million in the same quarter a year ago. Logitech’s cash flow from operations was $530 million, compared to $181 million in the same period a year ago.
“This quarter’s record results demonstrate the strength of our portfolio, addressing long-term growth trends in remote work and education, video collaboration, esports, and digital content creation,” said Logitech president and chief executive officer Bracken Darrell. “We are increasingly investing in our capabilities and people for the growth potential we see in the future. Logitech has never been more relevant to our customers’ work, play and creativity.”
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.