As previously reported, Wedbush analyst Taz Koujalgi initiated coverage of Zoom Video (ZM) with a Neutral rating and $80 price target. The analyst is a bit concerned about the competitive landscape as he hears anecdotes about pricing pressure in the Voice/UCaaS space, and also about competitors like Microsoft (MSFT) bundling their products with their broader portfolio. Koujalgi would also like to see some stability in the Online cohort. Further, he is worried about the 2024 revenue guide coming in below Street estimates. The stock is currently trading at 12-times 2025 EV/free cash flow, and he believes at these levels the risk/reward is balanced.
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