Stock Track | Logitech Plummets 7.08% Intraday After Bank of America Downgrade to Underperform

Stock Track06-30

Logitech International SA's stock plummeted 7.08% intraday on Tuesday, following pre-market weakness.

The sharp decline was triggered by Bank of America Global Research downgrading the company from Neutral to Underperform and slashing its price target to $86 from $108. The bank warned that rising hardware prices are negatively impacting the broader consumer electronics ecosystem and that demand for Logitech's products is expected to deteriorate significantly over the next 12 to 18 months.

This marks the latest in a series of analyst downgrades for Logitech, with other major firms including Morgan Stanley, Barclays, and Citi also having recently reduced their ratings or price targets on the stock.

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