Piper Sandler Lifts Zoom (ZM) Target, Keeps Neutral Rating
On Thursday, May 22, Piper Sandler raised its price target for Zoom Communications Inc. (NASDAQ:ZM) from $77 to $85 but maintained a Neutral rating.
This decision came after the company's recent quarterly results, which were considered relatively normal. Piper Sandler's analyst highlighted that Zoom Communications Inc.'s (NASDAQ:ZM) newer products like CX, Phone, ZVA, Workvivo, and AI Companion are becoming popular among existing customers. These products are also helping in longer deal durations and impacting the company's direct growth positively.
A close-up of a hand using a laptop to control an immersive video meeting.
Piper Sandler suggested that the company's guidance is conservative. However, the firm found reasons for encouragement and noted the price increase for Online Pro, growth in CX, adoption of the CX Elite package, faster growth of Workvivo, and the performance of the Phone product as positive signs. According to the analyst, while Zoom Communications Inc.'s (NASDAQ:ZM) core offerings are showing signs of stabilization, the company needs a catalyst to boost its growth trajectory.
While we acknowledge the potential of ZM as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than ZM and that has a 100x upside potential, check out our report about the cheapest AI stock.
READ NEXT: 11 Stocks That Will Bounce Back According To Analysts and 11 Best Stocks Under $15 to Buy According to Hedge Funds.
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