Logitech-Aktie: Kursverluste bleiben ungebrochen, trotz positiver Quartalszahlen

Logitech’s stock showed only a slight recovery of 0.2% on Friday morning after a sharp drop of 6.11% on the previous day. The stock closed at CHF 82.62. Part of the losses can be attributed to the dividend cut, which cost around CHF 1.36 in the last two days. However, the negative effects were dominated by higher interest rates worldwide, especially in the tech sector, and the weak reaction of the stock to positive developments over the past three weeks. The trading volume was lacking to support the title. Despite these challenges, Logitech still has potential: the average price target is CHF 94, which corresponds to an upside potential of 23%. Four analysts recommend the title for purchase, five consider it suitable, while one person tends to sell. The expected annual earnings growth of 10.9% is positive, and the average profit margin of 14.7% exceeds the industry standard of 12.0%. The price-earnings ratio (P/E) is 17.0, which is lower than the long-term average of 18.0. The latest analyst forecasts were updated on August 12, when Bank Julius Bär slightly raised its price target to CHF 90 while maintaining the ‘Hold’ recommendation. Logitech significantly outperformed expectations in the first quarter of 2026/27: Revenue rose by 7% to USD 1.23 billion, with constant currency values showing a 5% increase. The gross profit margin (EBIT) was 49.8%, which was 770 basis points above the prior-year level, and operating income rose by 44% to USD 290.4 million. Despite these successes, supply chain issues are weighing on the outlook. An incident at a semiconductor supplier led to a temporary closure of the factory, which could reduce sales in the second quarter by USD 20 million and in the third quarter by up to USD 200 million. However, Logitech expects the problem to be resolved by the fourth quarter. CEO Hanneke Faber emphasized the high acceptance of new products and the fair valuation of the stock. However, the supply chain situation remains tense, but the current inventory level is expected to mitigate the impact. The challenges may continue to worsen in the coming days, particularly if additional supply chain disruptions occur or a major investment bank offers the title for sale.