Zoom Video price target lowered to $70 from $72 at Evercore ISI

Evercore ISI lowered the firm’s price target on Zoom Video to $70 from $72 and keeps an In Line rating on the shares. While stating that Zoom reported “solid” Q1 results and that the company likely has reached the trough in terms of churn stabilization and NRR “hitting a floor,” the firm contends that the potential for a top-line reacceleration is “still a few quarters away” and it does not see “any catalyst that justifies a rerate” until then.