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Upgrade Alert for LogMeIn (LOGM)

By Amy Schwartz

LogMeIn (NASDAQ:LOGM) was upgraded from Neutral to Overweight at JP Morgan today. The stock closed yesterday at $83.62 on volume of 3.4 million shares, above average daily volume of 341,000.

Over the past year, LogMeIn has traded in a range of $35.00 to $75.42 and closed yesterday at $83.62, 139% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 1.5%.

LogMeIn, Inc. offers remote connectivity services to computers for mobile professionals, and help desk and systems administrators worldwide.

LogMeIn (NASDAQ:LOGM) is currently priced 1.1% above its average consensus analyst price target of $82.67. The stock should discover initial support at its 200-day moving average (MA) of $61.32 and subsequent support at its 50-day MA of $51.88.

SmarTrend recommended that subscribers consider buying shares of LogMeIn on February 17th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $49.45. Since that recommendation, shares of LogMeIn have risen 41.0%. We continue to monitor LOGM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades logmein

Ticker(s): LOGM