Zoom Video price target lowered to $80 from $90 at Stifel

Stifel analyst J. Parker Lane lowered the firm’s price target on Zoom Video to $80 from $90 and keeps a Hold rating on the shares following the company’s annual Zoomtopia conference on Tuesday. The company demonstrated "a slew of new products and enhancements," including Zoom Phone and Zoom Rooms, which "helped establish the company as a true UCaaS platform," Lane said. An updated long-term financial outlook during the investor day highlighted a reduction in sales and marketing expense that flows through to increased operating margin, but a more detailed look at Q4 and FY24 is expected along with the company’s Q3 earnings call on November 21, Lane added.