Logitech (AO) | Buy | Q1 preview: solid quarter ahead, softer H2 PC shipments still a risk

研报英文原文证据摘录

Logitech (AO) | Buy | Q1 preview: solid quarter ahead, softer H2 PC shipments still a risk

#EarningsPreview

Release date: 15 July 2026

Torsten Sauter

Head of Swiss Equity Research

+41 43 333 6002

tsauter@keplercheuvreux.com

BuyLogitech

Switzerland | IT Hardware & Semis Beta Profile: MCap: CHF13.2bn

Target Price: CHF100.00 Bloomberg: LOGN SW Reuters: LOGN.S

Current Price: CHF81.92 Free float 99%

Up/downside: 22.1% Avg. daily volume (CHFm) 195.7

YTD abs performance 0.5% Market data: 14 July 2026

52-week high/low (CHF) 101.15/66.64

Q1 preview: solid quarter ahead, softer H2 PC shipments still a risk

Key points:

Ahead of an expected solid Q1, Logitech has delivered eight consecutive quarters of constant-currency sales growth while

maintaining high profitability. Its adjusted operating margin remains the strongest outside of pandemic peak levels. The company

continues to execute well despite external headwinds, including US tariffs last year and the current weakness in the global PC

market.

EPS growth is supported by strict cost control, efficient manufacturing, continuous product innovation, and a diversified business

mix across regions, consumer and enterprise customers, and multiple end markets.

The DRAM situation ("Memflation") may distort the company's near-term dynamics, which remains a known and well-flagged

risk. Lacking visibility, Logitech has not provided annual guidance so far. Its Q1 sales guidance remains positive while PC

shipments have turned negative. Even on the cleaner constant-currency measure, expected quarterly outperformance is about 7

percentage points. Yet, we must flag the risk that Q2 may see some adverse impacts from softer PC shipments. In turn, the

company also expects to benefit from a post-pandemic hardware replacement cycle.