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,”…