Pacific Crest Downgrades LogMeIn (LOGM) to Sector Weight
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Rating Summary:
2 Buy, 13 Hold, 1 Sell
Rating Trend: = Flat
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Pacific Crest downgraded LogMeIn (NASDAQ: LOGM) from Overweight to Sector Weight. The change follows a merger announcement with Citrix.
Analyst Ben McFadden said "LogMeIn's merger with Citrix's GoTo business creates significant cost synergies, which could drive free cash flow upside over time. However, shares are likely to pop on the news and investors should wait for proof points of leverage. We view near-term fair value in the mid-$80s and are downgrading to Sector Weight."
For an analyst ratings summary and ratings history on LogMeIn click here. For more ratings news on LogMeIn click here.
Shares of LogMeIn closed at $69.71 yesterday.
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