| 2021-07-29 07:17:40|
ZM, FIVN 07:17 07/29 07/29/21
KeyBanc upgrades Zoom with $428 target on 'future hybrid work state'
KeyBanc analyst Steve Enders upgraded Zoom Video Communications (ZM) to Overweight from Sector Weight with a $428 price target. The analyst sees Zoom benefiting from a "future hybrid work state" in which video and cloud communications stand as long-term priorities in enterprise IT budgets. A recent chief investment officer survey suggests enterprise adoption of video platforms will continue into 2022 as businesses return to office environments with 97% of respondents maintaining or increasing their spend, Enders tells investors in a research note. In addition, the analyst believes the Five9 (FIVN) acquisition should transform Zoom's model and support a "second leg to growth" as the company prepares to navigate a post-pandemic hybrid world.