https://www.marketwatch.com/story/zoom-videos-stock-gains-after-mizuho-analysts-bullish-call-ahead-of-key-catalyst-next-week-2020-10-09
Shares
of Zoom Video Communications Inc. ZM, 3.53% gained 0.9% in
premarket trading, after Mizuho analyst Siti Panigrahi's bullish call, ahead of
the
videoconference software company's analyst day next week, which
Panigrahi said is likely to be a "key catalyst." He started coverage
of Zoom Video with a buy rating and stock price target of $550, which is 15%
above Thursday's closing price of $478.55. "Zoom's meteoric rise during
COVID-19 has been driven by uptake of its best-of-breed video conferencing
tool, which became a global sensation almost overnight," Panigrahi wrote
in a note to clients. "We believe Zoom can continue to deliver outsized
revenue growth due to its position as a market leader, its global recognition,
cross-sell opportunities, and its position in a growing and underpenetrated
long-tail market." The stock has skyrocketed sevenfold (up 603%) year to
date through Thursday, to Zoom Video's market capitalization to $136.1 billion,
while the S&P 500 SPX, 0.54% has edged up
6.7%.
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