Shares of Logitech International SA (LOGI) plummeted 5% in Monday's pre-market trading session, following multiple analyst downgrades citing concerns over slowing consumer demand for the company's computer peripherals and accessories.
BofA Securities downgraded Logitech from Buy to Neutral and lowered their price target from $114 to $92, pointing to "lukewarm" consumer trends as a key factor. Meanwhile, UBS maintained a Hold rating on LOGI but did not provide specific reasons for their stance.
Overall, analysts polled by FactSet have an average Hold rating on Logitech with a mean price target of $91.09, reflecting a more cautious outlook for the company's near-term performance amid a challenging macroeconomic environment and potential headwinds from weakening consumer spending.
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