LogMeIn -6.3% on Off Wall Street report

|By:, SA News Editor

Independent research firm Off Wall Street has launched coverage on LogMeIn (LOGM) with a Sell and $30 PT.

The firm argues LogMeIn's core market (remote PC access software) is saturated, and that user growth is stagnant following last year's price hikes.

Piper is defending LogMeIn, asserting its core business and new products are healthy.

LogMeIn, for its part, has responded to OWS with a blog post. The company states (among other things) it's gaining IT management software customers, and that its BoldChat and join.me products are performing well.