Zoom Video price target raised to $70 from $65 at Stifel

Stifel raised the firm’s price target on Zoom Video to $70 from $65 and keeps a Hold rating on the shares after attending Zoomtopia and seeing first-hand numerous AI product demos as well as sitting in on the company’s analyst session. The announcement of Zoom AI Companion 2.0 was “the biggest highlight of the event,” says the firm, which sees this moving Companion from “assistant” to “assistant + agent”. The analyst continues to see Zoom’s AI advancements as “top-quartile in our coverage group,” and believes Wednesday’s announcements around paid AI SKUs across the Zoom Workplace better position the company to translate impressive product development into top-line acceleration, but given the nature of competition and a consistently challenging retention dynamic, Zoom remains in the “prove it” stage, the analyst tells investors.