Logitech shares slump after CFO announces departure
By Steve Goldstein
Shares of computer peripheral maker Logitech International slumped Monday after the company said its chief financial officer was leaving.
Logitech shares (CH:LOGN) (LOGI) dropped 7% in Swiss trade to 78.44 francs ($88.77) as the Swiss-American company said CFO Charles Boynton will be leaving for what it called "another career opportunity." He'll stay on through mid-May. Logitech said it will name a successor at a later date.
Logitech confirmed its outlook for the year.
UBS on Monday reiterated a sell rating though it bumped its price target up to 58 francs from 53 francs, saying it expects muted sales growth in fiscal 2025, vs. what it said were investor expectations of 7% to 9% growth.
-Steve Goldstein
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03-18-24 0532ET
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