Jefferies analyst Surinder Thind initiated coverage of ZoomInfo with a Buy rating and $20 price target. The analyst says the company’s strong new customer growth is being masked by reductions at existing customers, which is only now stabilizing after coming off pandemic spending highs. The firm says 2024 should mark the trough in growth for ZoomInfo. Meanwhile, strong margins, solid free cash flow, and favorable secular trends “remain underappreciated,” the analyst tells investors in a research note.
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