Barclays analyst Raimo Lenschow double downgraded LogMeln (LOGM) to Underweight from Overweight and cut his price target for the shares to $74 from $104.

The stock closed yesterday at $83.44.

The core LogMeln offering around the Gravity platform is at the end of its growth trajectory, as the impact of pricing is weakening, Lenschow tells investors in a research note titled "Log Me Out." At the same time, LogMeIn's current collaboration offering faces increased competition and has a dated product set, says the analyst. Lenschow believes the only "viable choice" for LogMeln is to "double down" on the next market - Unified Communication as a Service.

However, this transition "would not be without hurdles" given increased competition and the need to invest in sales capacity, he notes. As a result, the analyst expects LogMeln shares will likely be relative underperformers.