Zoom Video price target lowered to $69 from $76 at Piper Sandler

Piper Sandler lowered the firm’s price target on Zoom Video to $69 from $76 and keeps a Neutral rating on the shares. The firm notes Zoom reported slightly better top-line results, exceptional profitability and cash-flow, and a relatively inline Q4 guide as macro-uncertainty remains, FX-headwinds, customers are scrutinizing seat-costs, and additional scrutiny around payment durations. Piper continues to see shares as range-bound as the business tries to find stability, shares lack a catalyst, capital usage remains in question, and FY25 sales estimates appear too high but free cash flow potentially is adequate.