- The shares of Zoom Video Communications Inc (NASDAQ: ZM) have received a $260 price target from Citic. These are the details.
The shares of Zoom Video Communications Inc (NASDAQ: ZM) have received a $260 price target from Citic. And Citic Securities analyst Junyun Chen initiated coverage of Zoom Video Communications with a “Buy” rating.
Chen said that Zoom’s stock price fell by two-thirds from its peak last October, mainly reflecting market concerns about the decline in revenue growth after the pandemic, the loss of small and medium-sized business customers, and competition from Microsoft Teams. But Chen believes current market concerns are clearly excessive and the stock is oversold.
Plus Chen noted that the global video conferencing market maintains a high degree of prosperity and that despite the competition from Microsoft Teams and Cisco, Zoom maintains a solid leading position.
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