Zoom Video price target raised to $78 from $75 at Piper Sandler

Piper Sandler analyst James Fish raised the firm’s price target on Zoom Video to $78 from $75 and keeps a Neutral rating on the shares. The sales results in Q4 came in slightly above plan as Zoom continues to find some stability in the Online customer base, and key product areas of Zoom Phone and Zoom Contact Center continue to see strong adoption, the analyst tells investors in a research note. While bears will point to lead metrics continuing to decelerate and fiscal 2024 revenue growth of just 1%, Zoom’s 2024 margins came in above expectations, even adjusting for announced layoffs, says Piper. It believes Zoom needs to look beyond Meetings and invest faster in other markets.