ZoomInfo price target lowered to $22 from $28 at RBC Capital

RBC Capital lowered the firm’s price target on ZoomInfo to $22 from $28 and keeps a Sector Perform rating on the shares. The company’s Q2 results were “disappointing” as revenue missed consensus and guidance for the first time as a public company and the FY23 was guided down on both revenue and margins, the analyst tells investors in a research note. Retention rates were also “disappointing” at ZoomInfo as down-sells were worse than expected in June, especially from software companies who already reduced spending a year ago, RBC added.