ZoomInfo price target lowered to $40 from $50 at Wells Fargo

Wells Fargo analyst Michael Turrin lowered the firm’s price target on ZoomInfo to $40 from $50 and keeps an Overweight rating on the shares. Macro weighed stronger on ZoomInfo’s Q4 results, as DBNRR fell to 104% in 2022, leading to an initial full year 2023 growth outlook of 17%, the firm says. While the targets help ZoomInfo reset, the firm expects shares will remain range bound until growth stabilizes.