Needham & Company Re-Starts LogMeIn (LOGM) at Buy

Needham & Company reinstates coverage on LogMeIn (NASDAQ: LOGM) with a Buy rating and a price target of $110.00.

Analyst Richard Valera commented, "With the recent closure of its Reverse Morris Trust merger with the GoTo business of Citrix, LMI has created a scale business that is a leader in a number of SaaS categories and that has over $1 billion of recurring SaaS revenue, strong cash flow generation and the likelihood of improving margins and top line growth over the next couple of years. As well, the management team in charge of integrating these two businesses and delivering targeted synergy and growth targets is one with a strong track record of execution and shareholder-friendly capital return policies, we think suggesting potential upside to synergy targets. As such, we re-instate coverage of LOGM with a Buy rating and PT of $110, equivalent to ~13.5x EV/C'18 EBITDA and ~18.6x EV/C'18 free cash flow."

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 $98.40 yesterday.

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