2020-06-03 09:08:33 | Wowed JPMorgan raises Zoom Video price target to $220 from $150In a post-earnings research note titled simply "Wow," JPMorgan analyst Sterling Auty raised the firm's price target on Zoom Video Communications to $220 from $150 and kept an Overweight rating on the shares. The stock in premarket trading is up $1.22 to $209.30. "This was the largest beat we have witnessed in covering software for over 20 years," Auty wrote to investors. Management is doing the right thing factoring into guidance significant churn from businesses with fewer than 10 employees and consumers that have come on to the Zoom platform during COVID-19, says the analyst. However, he believes "things have fundamentally changed" and use of video in a wider array of situations will continue to drive adoption from knowledge workers moving forward. | |
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