A Tough Market Backdrop To Execute Through; Remain Underweight

研报英文原文证据摘录

A Tough Market Backdrop To Execute Through; Remain Underweight

Idea

July 8, 2026 04:01 AM GMT

Morgan Stanley & Co. LLCMLogitech International SA | North America Erik W Woodring

Equity Analyst

A Tough Market Backdrop To Erik.Woodring@morganstanley.comMaya C Neuman +1 212 296-8083

Research Associate

Maya.Neuman@morganstanley.com +1 212 761-1946

Execute Through; Remain Dylan Liu

Dylan.Liu@morganstanley.com +1 212 761-4519

Underweight Rauf Ural

What’s Changed Rauf.Ural@morganstanley.com +1 212 761-5958

Logitech International SA (LOGI.O) From To Logitech International SA (LOGI.O, LOGI US)

Price Target $89.00 $88.00

IT Hardware | United States of America

Stock Rating Underweight

Consensus continues to underestimate the impact of a weaker Industry View Cautious

PC ecosystem on LOGI's rev growth and EPS power over the PriceShr price,targetclose (Jul 7, 2026) $88.00$97.11

next 6-18mo. Our regression/correlation analyses point to 5%+ Mkt cap, curr (mm) $14,071 52-Week Range $129.66-83.32

downside to FY27/FY28 revs and 5-10% downside to FY28 EPS Fiscal Year Ending 03/26 03/27e 03/28e 03/29e

power. As a result, we remain UW w/ $88 PT. EPS ($)** 5.78 5.65 5.67 6.07

Prior EPS ($)** 5.74 5.42 5.70 6.14

P/E 15.8 17.2 17.1 16.0

Key Takeaways EPS ($)§ 5.62 5.64 6.03 6.60

Div yld (%) 1.7 1.8 1.9 2.1

Deteriorating PC market datapoints support our UW thesis and reinforce our

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

view that a shrinking PC TAM creates downside risk to Consensus rev ests. framework

** = Based on consensus methodology

§ = Consensus data is provided by Refinitiv Estimates

We lower our FY27-FY28 revenue forecasts as our regression work continues to e = Morgan Stanley Research estimates