Logitech: SMI's biggest loser on BofA downgrade
(CercleFinance.com) - Logitech shares were by far the biggest loser on the Zurich Stock Exchange's SMI index on Monday, as Bank of America downgraded the stock to 'neutral'.
At 4pm, shares in the Swiss manufacturer of computer accessories for the office and video games were down 4%, in a pretty flat market.
In a study of the European technology sector, BofA highlights the slower-than-expected recovery of the consumer goods market, particularly in China, where the Swiss group is facing fierce competition.
We are awaiting signs of a more vigorous recovery in the PC and smartphone markets, and believe that a neutral opinion reflects the balanced risks currently associated with the stock", concludes the investment bank.
The share, which returned to three-year highs in June, has lost ground ever since, shedding 18% over the past six months.
The share is down 9% since the start of the year, compared with a 4.8% gain for the SMI index.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
At 4pm, shares in the Swiss manufacturer of computer accessories for the office and video games were down 4%, in a pretty flat market.
In a study of the European technology sector, BofA highlights the slower-than-expected recovery of the consumer goods market, particularly in China, where the Swiss group is facing fierce competition.
We are awaiting signs of a more vigorous recovery in the PC and smartphone markets, and believe that a neutral opinion reflects the balanced risks currently associated with the stock", concludes the investment bank.
The share, which returned to three-year highs in June, has lost ground ever since, shedding 18% over the past six months.
The share is down 9% since the start of the year, compared with a 4.8% gain for the SMI index.
Copyright (c) 2024 CercleFinance.com. All rights reserved.