ZoomInfo price target raised to $28 from $25 at BofA

BofA raised the firm’s price target on ZoomInfo to $28 from $25 and keeps a Buy rating on the shares. Q4 results were “good” and the initial 2024 guidance of 2%-3% year-over-year revenue growth should help dissipate concerns that revenues could decline in 2024, the analyst tells investors. Guidance assumes net revenue retention, or NRR, to continue being pressured, creating an “attractive setup” for revenue growth reacceleration given positive demand and execution commentary, the analyst added.