Goldman downgrades ZoomInfo to Sell on weak renewal trends

Goldman Sachs analyst Kash Rangan downgraded ZoomInfo to Sell from Neutral with a price target of $12, down from $19.50. The company’s Q1 results suggest ongoing macro challenges and execution hurdles, the analyst tells investors in a research note. The firm cites an increased lack of visibility around a growth inflection and weak renewal trends for the downgrade. A challenged spending backdrop, softer macro signals and the lack of upcoming catalysts that can support revenue re-acceleration leads to a more gradual sales re-acceleration story, the analyst tells investors in a research note.