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ZoomInfo downgraded to Neutral at Goldman Sachs after ‘mixed’ Q3

Goldman Sachs analyst Kash Rangan downgraded ZoomInfo to Neutral from Buy with a price target of $17, down from $30, following the company’s “mixed” Q3 report and “soft” forward guidance. The firm acknowledges that a rebound in tech hiring is taking longer than expected and is revising down its growth estimates for calendar 2024 and beyond, noting that it lowering its revenue growth forecast to 4% from 12% in 2024.

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