ZoomInfo price target lowered to $35 from $38 at Morgan Stanley

Morgan Stanley analyst Elizabeth Porter lowered the firm’s price target on ZoomInfo to $35 from $38 and keeps an Overweight rating on the shares after long sale cycles and layoffs at customers negatively impacted NRR and both the company’s FY23 revenue guidance and margin expansion view "likely fell to the low-end of muted buyside expectations." However, a healthy pipeline and stable gross retention support the firm’s view of ZoomInfo as "a top beneficiary of re-accelerating growth when macro normalizes," Morgan Stanley said.