Investing
Bank of America upgrades ZoomInfo stock ahead of 4Q earnings release
© Reuters. Bank of America Bullish on ZoomInfo (ZI) ahead of 4Q release
(Updated – January 29, 2024 11:10 AM EST)
Bank of America analysts upgraded ZoomInfo (ZI) to a Buy rating from Neutral and raised their 12-month price target to $25.00 as they believe the company is set to outperform current estimates.
“We believe it is a classic self-help story that is set to outperform,” analysts said.
ZoomInfo’s positive outlook is based on three factors: expected revenue growth due to improved execution by a revamped executive team, projected AI product contributions to monetization, and the favorable impact of halted interest rate hikes on small to mid-cap stocks like ZI.
Market assessments indicate a strong brand for ZoomInfo, potentially driving increased demand. The stock, trading at a 50% discount compared to peers in the horizontal software sector, signals room for valuation expansion.
In 2024, the company plans to execute its strategy effectively, aiming for high single-digit revenue growth and 40%+ uFCF margins. This positions ZoomInfo as a potential share gainer in a significant $100 billion TAM.
ZoomInfo is due to host its 4Q23 earnings call on Monday, February 12th after the market close.
Shares of ZI are up 6.86% in mid-day trading on Monday.
Read the full article here
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