Logitech (LOGI - Free Report) recently introduced advanced wireless mouse, Logitech MX Master 3, and advanced wireless illuminated keyboard, Logitech MX Keys, for Mac devices. These products are part of Logitech’s Master Series.
Apart from these, the company unveiled a multi-device Bluetooth keyboard — K380 for Mac — optimized for macOS, iOS and iPadOS.
Notably, these products are designed to complement Apple’s (AAPL - Free Report) ecosystem and help numerous advanced digital creators who use Macs and iPads.
Although there are a few products built for select brands like Samsung and other Android tablets, most of the products from Logitech’s Tablet & Other Accessories, as well as Keyboards & Combos categories are designed for Apple devices.
Logitech is strengthening its presence in the high-potential market for accessories by pursuing innovation and expanding product lines. Over the past two years, the company has introduced several offerings to grab a greater market share. Growing adoption of new mobile platforms in both mature and emerging markets is fueling demand for Logitech’s peripherals and accessories.
During fiscal 2020, revenues from Tablet & Other Accessories and Keyboards & Combos, which are part of the company’s Creativity and Productivity segment, increased 5% and 7% year over year, respectively, driven by strong traction in Slim Folio, Slim Combo keyboard cases and Rugged Combo keyboard case.
Furthermore, in the fourth quarter of fiscal 2020, the aforementioned sub-segments grew 36% and 3%, respectively.
Reportedly, Logitech's gaming mouse business, which got a boost from the launch of a wireless version of its G502 gaming mouse in May last year, is gaining traction.
Per Technavio, the PC peripherals market is expected to grow 6.97% year over year in 2020 and generate an additional $43.42 billion during 2020-2024. This highlights the strong prospects of Logitech in this space, given its solid portfolio for peripheral equipment.
Zacks Rank & Key Picks
Logitech currently has a Zacks Rank #3 (Hold).
A couple of better-ranked stocks are Fortinet, Inc. (FTNT - Free Report) and Baozun Inc. (BZUN - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term earnings growth rate for Fortinet and Baozun is currently pegged at 14% and 29%, respectively.
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