Jefferies initiated coverage of Zoom Video (ZM) with a Hold rating and $70 price target. The company is one of the “go-to” collaboration platforms, but it remains in transition as the management expects low growth and margin compression in FY25 as they position Zoom Video for better future growth, the analyst tells investors in a research note. Zoom’s new products should provide a tailwind, but the firm prefers to see more traction given its concerns with competition from Microsoft (MSFT) and others, the firm added.
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