Logitech Shares Drop After Bank of America Downgrades Rating

Deep News07-01

Shares of Logitech International SA fell nearly 5% in trading today following a rating downgrade by Bank of America from Neutral to Underperform.

Analyst Didier Scemama also reduced the price target for the stock from $108 to $86, suggesting a potential downside of approximately 13% from Monday's closing price.

In a report to clients issued on Tuesday, the analyst expressed concerns, stating that demand for Logitech's products could significantly weaken over the next 12 to 18 months due to substantial price increases for personal computers, tablets, smartphones, and gaming systems.

Scemama highlighted that recent price hikes for Apple's MacBook and iPad, as well as Microsoft's Xbox, driven by shortages in memory chips, are likely to lead to reduced demand for computer peripherals and other tech accessories.

The analyst further commented that this situation poses a significant risk to the demand resilience and the typical upgrade cycle within the peripheral device category.

Year-to-date, Logitech's stock has declined by 7%, underperforming the broader S&P 500 index.

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