Logitech International: F1Q27 Review: Delivers on Quarterly Beat but Supply Disruption Tests Near-Term Outlook

Research evidence excerpt

Logitech International: F1Q27 Review: Delivers on Quarterly Beat but Supply Disruption Tests Near-Term Outlook

J P M O R G A N North America Equity Research

30 July 2026

Logitech International Neutral

LOGI, LOGI US

F1Q27 Review: Delivers on Quarterly Beat but Supply Price (29 Jul 26):$102.99

Disruption Tests Near-Term Outlook ▼Price Target (Dec-27):$120.00 Prior (Dec-27):$123.00

Logitech reported a solid F1Q27 (Jun-end) beat, driven by better-than expected

margins and consistent execution across the portfolio, with the upside supported by IT Hardware/ Telecom & Networking

Equipmenta $61 mn tariff refund. However, the more notable development was an incident at one

of Logitech’s semiconductor component supplier in late June that forced the Joseph Cardoso AC

temporary closure of the supplier’s fab, impacting both the Gaming and Personal (1-212) 622-9036

joseph.cardoso@jpmchase.com

Workspace portfolios and likely constraining the company’s ability to fully meet

demand near-term. On the demand side, trends remain constructive, with Gaming Akanksh Chauhan

(1-212) 622-0045

benefiting from broad strength on premium products and the North America market akanksh.chauhan@jpmorgan.com

returning to mid-single-digit growth, while Video Collaboration sustained

Manmohanpreet Singh

momentum as enterprise customers continue investing in meeting room (1-212) 622-4527

infrastructure. Share gains were broad across geographies, enforcing the view that manmohanpreet.singh@jpmchase.com

constraints are centered on supply rather than demand. Looking ahead, management Marc Vitenzon

sized the estimated supplier impact at $20 mn in F2Q and $200 mn in F3Q before (1-212) 622-3342

being largely resolved by F4Q, noting that outside of the disruption, top-line marc.vitenzon@jpmchase.com