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Investing.com — BofA analyst Adam Angelov initiated coverage on Logitech International SA (NASDAQ:LOGI) with a Buy rating Thursday, assigning the stock a $107 price target which implies a potential 40% upside.
Angelov said they forecast an “attractive” 8% revenue and 10% EBITDA compound annual growth rate from fiscal 2022 to 2026.
The analyst based the Buy rating on three factors. The first is the company’s “strong track record of execution” and market share gains which they expect will continue.
The second is its “secular megatrend social media, gaming, video calling, etc. exposure.”
Finally, Angelov noted Logitech’s upgrade path for consumers to higher average selling price products.
Logitech shares reacted to the upgrade by climbing 5% in early Thursday trading. However, the stock is still down more than 8% in 2022 and over 26% in the last 12 months.
