Logitech International's (LOGI) organic growth vision is "sound" and will lead to continued growth amid a difficult supply chain backdrop, Wedbush Securities said in a note Friday.
The brokerage noted that at the company's recent analyst and investor day, Logitech's management said it will keep its workers focused on going after that organic growth without large M&A.
Wedbush said Logitech expects to see gaming tailwinds and expand its addressable market into new end markets.
"We believe Logitech will utilize part of its $1.5 billion of cash to secure various small tuck-in plays within gaming and video collaboration to accelerate growth in those categories, particularly as [artificial intelligence] alters the landscape," the firm said.
Wedbush raised Logitech's rating to outperform from neutral and price target to $125 from $100.
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