Logitech shares posted by far the biggest drop in the Zurich Stock Exchange’s SMI index on Monday, with Bank of America lowering its stock guidance to ‘neutral’.
3:40 p.m., the title of the Swiss manufacturer of computer accessories for the office and video games fell by 4.5%, while the CAC 40 lost 0.2% at the same time.
In a study devoted to the European technology sector, BofA highlights the slower than expected recovery of the consumer market, particularly in China where the Swiss group must face fierce competition, according to it.
‘We are awaiting signs of a more vigorous recovery in the PC and smartphone markets and believe that a neutral rating reflects the balanced risks currently associated with the stock,’ concludes the investment bank.
The stock, which returned to three-year highs in June, has continued to lose ground since, dropping 18% over the last six months.
The value has thus fallen by 9% since the start of the year, compared with a gain of 4.8% for the SMI index.
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