Zoom Video upgraded to Outperform at Wedbush as new analyst takes over

Wedbush analyst Daniel Ives upgraded Zoom Video to Outperform from Neutral with a price target of $85, up from $80, as the firm transferred coverage of multiple software names across the tech industry. The company is expecting to see a re-acceleration in growth at enterprise customers, while seeing its churn stabilize, says the firm, which expresses “confidence in the story going forward.” Zoom’s broad portfolio includes video, voice and chat and it is now also expanding into the contact center with a “strong installed base” of small-to-mid sized business, mid-market and enterprise customers, positioning the company for strong up-sell and cross-sell opportunities, the analyst tells investors.