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By Sam Boughedda
Investing.com -- Logitech International (NASDAQ:LOGI) was upgraded from Neutral to Buy by UBS analyst Joern Iffert on Tuesday.
The analyst told investors in a note that the Logitech share price has declined around 50% from its peak in mid-2021, but they think, in addition to priced-in pulled-forward demand risks in some segments, "the recent share price decline linked to macro risks and overall sales resilience is overdone."
"The hybrid working environment and solid consumer gaming trends medium term offer some robustness. The B2B expansion offers additional prospects," added Iffert, who lowered his price target on the stock to CHF 73 from CHF 81.
Despite the upgrade, the analyst stated that Logitech is not immune to rising macro risks, which is why they cut their FY 23-24 EPS view.
Logitech's US-listed stock gained 4.37% Tuesday, although it is down 26% for the year to date.