Mizuho initiates coverage of LogMeIn at buy
Mizuho Securities said it initiated research coverage of LogMeIn Inc. Monday, and rates the stock a buy with a $145 price target, according to a note sent to clients. LogMeIn is up 1% after hours, while closing down more than 2% to $112.55 during the regular session. Calling the expectations for the company's plans for the next two years conservative, analyst Abhey Lamba wrote that the company's strong free-cash-flow growth will support shareholder returns. Lamba said that combined with organic growth, LogMeIn has also been actively acquiring other businesses. "We think M&A strategy remains highly disciplined with strong post-transaction integration efforts supporting incremental growth," Lamba wrote. LogMeIn stock has fallen 1.7% this year, as the S&P 500 index rose 1.2%.
