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What: Shares of PC peripherals specialist Logitech International (NASDAQ:LOGI) popped 12% today after its quarterly results and outlook topped Wall Street expectations.

So what: The stock has soared in recent months on optimism over its turnaround prospects, and today's wide Q2 beat -- EPS of $0.20 versus the consensus of $0.06 -- coupled with upbeat guidance only reinforces that positive sentiment. While sales for the quarter fell 3% over the year-ago period to $531.97 million, it was still much better than Wall Street had expected, suggesting that Logitech's new product launches are rapidly gaining traction.

Now what: Management now sees full-year operating income of $100 million -- up $13 million from its prior view -- on revenue of about $2 billion. "We're making progress toward building a faster and more profitable Logitech," said CEO Bracken Darrell in a statement. "Athough we have more work in front of us, I am confident that we are on track with our turnaround strategy." With the stock now up 60% from its 52-week lows and trading at a 20-plus forward P/E, however, much of that progress might already be baked into the valuation.

Fool contributor Brian Pacampara has no position in any stocks mentioned. The Motley Fool recommends Logitech International. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.