Zoom Communications price target raised to $97 from $85 at Benchmark

Benchmark raised the firm’s price target on Zoom Communications (ZM) to $97 from $85 and keeps a Buy rating on the shares. Even as it remains synonymous with video conferencing, Zoom announced it is dropping Video from its company name as it emphasizes AI in “a Zoom 2.0 approach” and emerges increasingly as a comprehensive collaboration platform, the analyst tells investors. Following earnings, the firm made “only slight forecast increases,” stating that its price target increase reflects more confidence in Zoom’s offerings outside of video and “a more remote likelihood for being ‘big footed’ by Microsoft (MSFT) Teams and other mega cap competitors.”