ZoomInfo price target lowered to $16 from $24 at Truist

Truist analyst Terry Tillman lowered the firm’s price target on ZoomInfo to $16 from $24 and keeps a Hold rating on the shares. The company’s Q3 results beat on revenue and earnings but missed the firm’s expectations on cash flows,the analyst tells investors in a research note. The firm further cites commentary that ZoomInfo’s renewal pressure, downselling, and write-offs worsened in Q3, with management now expecting macro challenges to get worse and persist through at least Q1 of 2024, Truist added.