Logitech (LOGI US): Upping FY27 estimates on better-than-feared supply disruption in Q3, still cautious on acceleration in FY28

Ahead of Q2 results (27 October), we update our forecasts to reflect our view of a lower impact from supply disruption in Q3. Despite raising near-term forecasts, we remain cautious on acceleration of Sales growth next year (FY28) with a bigger risk to consensus Operating Income forecasts (where we are 6% below Bloomberg). Despite material downside risk to Operating Income forecasts, Logitech shares will remain supported by the large share buyback program. We remain Neutral, where downside risk to fundamentals is offset by technical support;