ZoomInfo price target lowered to $23 from $30 at Mizuho

Mizuho lowered the firm’s price target on ZoomInfo to $23 from $30 and keeps a Buy rating on the shares. The company reported solid Q3 results but the Q4 revenue guidance was slightly below consensus expectations and management cited continued challenging operating environment and renewal headwinds that will persist until at least Q1 of 2024, the analyst tells investors in a research note. Despite the near-term uncertainty, such commentary should reset expectations and position ZoomInfo to reaccelerate growth and maintain its free cash flow margins once the underlying macro improves, says Mizuho.