Sector Update: Tech Stocks Mostly Higher Today; LogMeIn Refutes Sell Recommendation But Damage Still Done

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Technology stocks were ending moderately higher in afternoon trade with shares of technology companies in the S&P 500 gaining almost 0.5%.

In company news, LogMeIn ( LOGM ) shares were off their worst levels of Wednesday trade after responding to a cautious assessment of the cloud-based collaboration software company by a Boston-area institutional research group.

The Off Wall Street Group today initiated coverage of LOGM with a Sell recommendation and a $30 price target, arguing its core market of remote-access software is saturated while user growth was stagnated following a price increase by the company last year.

But on its corporate blog today, LOGM said it has continued to add IT management customers in recent quarters, adding it has not changed the way it calculates renewal rates and does not include add-on sales in those estimates.

The company also contends Off Wall Street failed to include the potential of its Xively online database service as well as the "Internet of Things" in evaluating LOGM's prospects. It also said its AppGuru was designed specifically for its core customer base and is "highly differentiated" from similar "me-too" applications.

LOGM shares recently were down about 7.7% at $40.69 each, earlier dropping to a session low of $40.25. The stock has a 52-week range of $26.94 to $47.69 a share, rising nearly 50% over the past 12 months.

In other sector news,

(+) PXLW, Seeking Alpha blog touts potential revenue growth as Apple ( AAPL ) includes more of the company's displays in its products. The author, 3D Analystics, forecasts $22 price target for the stock, nearly triple Tuesday's closing price.

(-) GIMO, Lowers Q2 outlook by as much as $7 mln from prior guidance, now forecasting between $34.5 mln to $35 mln in revenue, trailing Wall Street estimates by at least $5.2 mln.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: LOGM , AAPL

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As of 12/19/2014, 04:15 PM


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