J.P. Morgan Comments On Buying Opportunity At LogMeIn

In a report published by J.P. Morgan, LogMeIn's (NASDAQ: LOGM) recent pullback in the shares presents buying opportunity.

J.P. Morgan said that, with LOGM stock trading off 13% since the company reported 4Q earnings and 27% off its 52-week high reached at the beginning of the year, it takes this opportunity to review what it believe is causing the weakness in the stock. “We also reiterate our Overweight rating on LOGM as we believe investor concerns are likely overblown. As we commented in our earnings note Strong Quarter, Attainable Bar Set, dated February 16, 2011, we believe management is being appropriately conservative in its guidance by excluding any impact from Ignition for Android tablets and guiding low-single-digit millions of dollars of revenue for the join.me web collaboration product. That said, both opportunities represent significant upside for the company.”

LogMeIn closed yesterday at $34.75.