Fly News Breaks for March 5, 2020
Mar 5, 2020 | 09:14 EDT
RBC Capital analyst Alex Zukin lowered the firm's price target on Zendesk to $100 from $115 but keeps an Outperform rating on the shares. The analyst notes that the company's analyst day discussion acknowledged the heightened coronavirus-related risk that include longer deal cycle, but also maintains a positive view on its Sell and Conversations products having a "meaningful" tailwind. Zukin further notes that Zendesk offers a "compelling" valuation at 6.1-times his expected 2021 revenues, which is a 54% discount relative to its peers.
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