Logitech: Channel checks - we expect a beat vs current consensus in the next quarterly results

We did channel checks speaking to industry experts and evaluated data. We conclude Logitech should have continued good momentum in Q2 27E of +4-5% organic sales (UBSe +4.5%, cons. +2.0%), supported by VC and gaming. PC peripheral sales growth will be solid, according to our checks. Here Logitech depends more on the installed PC base rather than new units sold. On regions, NA and China will remain drivers while consumer demand in Europe seems muted. On non-GAAP EBIT, we forecast negative growth of -2% y/y to $225m (cons. $204m) impacted by reinvestments (B2B sales network, R&D for AI related products). Overall, we think current consensus for Q2 27E is too conservative and expect a beat on the results. We think Logitech's management has a strong execution track record;