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Truist cuts ZoomInfo to Hold, sees headwind from Q3 persisting
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Truist cuts ZoomInfo to Hold, sees headwind from Q3 persisting

Truist analyst Terry Tillman downgraded ZoomInfo to Hold from Buy with a price target of $28, down from $65. The analyst is citing a more cautious macro outlook on software as well as the potential for company-specific headwinds from Q3 of 2022 earnings call – namely, longer sales cycles and reduced rep productivity – to persist. ZoomInfo shares are reasonable on unlevered free cash flow basis, but an enterprise value to expected FY23 sales multiple of 8.8x suggests a "less compelling set up" heading into Q4, Tillman tells investors in a research note.

Published first on TheFly

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