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Zoom Contact Center, AI Are ‘Key Highlights’: 8 Analysts Dive Deeper Into Q1 Results

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Shares of Zoom Video Communications Inc (NASDAQ:ZM) were down on last check Tuesday, after the company reported upbeat first-quarter revenues and earnings.

The results came amid an exciting earnings season. Here are some key analyst takeaways.

  • Stifel analyst Parker Lane maintained a Hold rating, while reducing the price target from $70 to $65.
  • Goldman Sachs analyst Kash Rangan reiterated a Neutral rating, while slashing the price target from $73 to $70.
  • RBC Capital Markets analyst Rishi Jaluria reaffirmed an Outperform rating and price target of $95.
  • BofA Securities analyst Michael Funk maintained a Neutral rating and price target of $78.
  • Rosenblatt Securities analyst Catharine Trebnick reaffirmed a Buy rating and price target of $78.
  • Needham analyst Ryan Koontz reiterated a Hold rating on the stock.
  • JMP Securities analyst Patrick Walravens reaffirmed a Market Perform rating.
  • Oppenheimer analyst George Iwanyc reiterated a Perform rating on the stock.

Check out other analyst stock ratings.

Stifel: Zoom’s first-quarter results “outpaced expectations, and the company raised its full-year outlook accordingly,” Lane said in a note.

“Management highlighted continued success in the Contact Center business,” with the company reaching 90 customers with over $100,000 in annual recurring revenue (ARR), which represents 246% year-on-year growth, as well as “solid early traction with Zoom AI Companion with customers of all sizes,” the analyst wrote. Online business was flat year-on-year, which signals some easing of headwinds seen in recent years.

Goldman Sachs: Zoom reported revenues around 1% higher than consensus, “while Op. Income and FCF handily outperformed estimates (+10% / +58% vs. Consensus),” Rangan …

Full story available on Benzinga.com

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