Logitech downgraded to Underweight from Equal Weight at Morgan Stanley

Morgan Stanley downgraded Logitech (LOGI) to Underweight from Equal Weight with a price target of $89, down from $107. The firm’s chief investment officer survey indicated the the slowest hardware budget growth in 15 years. Resellers are expecting an “elastic demand response” to input cost inflation, which warrants a more defensive IT hardware position despite secular AI tailwinds, the analyst tells investors in a research note. Morgan Stanley has turned “more defensive,” saying its recent survey work “signals the perfect storm of cautionary factors emerging.”