Analysts slashed their price targets on Zoom Video Communications Inc (NASDAQ:ZM) post Q4 results.
Deutsche Bank analyst Matthew Nikam lowered the price target on Zoom to $155 from $280 (16.9% upside) and kept a Hold. The analyst reduced fiscal 2023 estimates by 2%-3% post the Q4 results.
Nikam believes the sub-2% revenue beat this quarter and guidance for "just" 11% growth next fiscal year are "unlikely to trigger a meaningfully negative stock reaction like we've seen in recent periods."
Citi analyst Tyler Radke lowered the price target on Zoom to $139 from $147 (4.8% upside) and kept a Neutral.
Zoom delivered its most minor quarterly revenue beat to date and provided initial fiscal 2023 guidance below expectations. The analyst says the quarter was impacted by many of his concerns, including higher churn, slowing new customer additions, and deteriorating margins.
Goldman Sachs analyst Kash Rangan maintained Zoom with a Neutral and lowered the price target from $200 to $171 (29% upside).
Stifel analyst Parker Lane maintained Zoom with a Hold and lowered the price target from $275 to $150 (13.1% upside).
Wells Fargo analyst maintained Zoom with an Equal Weight and lowered the price target from $200 to $145 (9.3% upside).
Price Action: ZM shares traded lower by 2.71% at $129 in the premarket on the last check Tuesday.
