Logitech and Cricut Slide on Rating Cuts as Morgan Stanley Gets Cautious on Hardware

logitech and cricut slide on rating cuts as morgan stanley gets cautious on hardware

Sumary of Logitech and Cricut Slide on Rating Cuts as Morgan Stanley Gets Cautious on Hardware:

  • Logitech stock is up over 250% since the beginning of the pandemic, according to Morgan Stanley hardware analyst Katy Huberty..
  • Dreamstime Logitech shares were trading lower Friday after Morgan Stanley hardware analyst Katy Huberty cut her rating on the computer peripherals company to Equal Weight from Overweight..
  • Huberty also cut her rating on Cricut (CRCT), which makes hardware used by hobbyists to create personalized merchandise, to Equal Weight from Overweight, but raised her price target to $40 from $30..
  • Huberty turned bullish on the hardware group in October, noting at the time that demand was accelerating at a moment when the stocks looked historically cheap..
  • On Friday, Huberty pointed out that the group has outperformed the broad market by 54 percentage points since last July and has been the best-performing tech subsector..
  • “We believe recent outperformance and multiple expansion now calls for more careful stock picking, as hardware multiples are towards the top of their historical ranges,”…

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