ZoomInfo price target lowered to $14 from $20 at Canaccord

Canaccord analyst David Hynes lowered the firm’s price target on ZoomInfo to $14 from $20 and keeps a Buy rating on the shares. The firm said there was a mix of good and bad in ZoomInfo’s Q2 results but when you sift through all the noise that accompanied this quarter, execution at the upper end of the market actually sounded a bit better than it has in recent periods. Retention in the firm’s core software vertical stabilized in Q1 and improved in Q2, but with what seems like a reset philosophy around guidance, less volatility with respect to write-offs at the low-end, and green shoots emerging in the enterprise and with AI, we’re getting closer to a time when it might make sense to step up on the shares.