Barclays just cut Logitech's rating from Overweight down to Equalweight, slashing the price target from $134 to $98. The research team flagged something worth paying attention to: macro headwinds are showing up. North America generates close to half of the company's revenue, and that consumer market is already softening—something that came through loud and clear in their latest earnings call. When a major semiconductor-adjacent business starts feeling that kind of pinch, it's usually a signal that discretionary spending is contracting faster than people expect. Worth monitoring if you're thinking about exposure to consumer-driven sectors.