Zoom Video upgraded to Outperform from In Line at Evercore ISI

Evercore ISI upgraded Zoom Video (ZM) to Outperform from In Line with a price target of $115, up from $70. The company “delivered yet another very solid quarter,” marked by consistent operational execution and “impressive momentum” across its newer product offerings, the analyst tells investors in a research note. The firm says it has grown “increasingly optimistic” on the shares. The latest results show Zoom Video’s online segment has reached the trough in terms of churn stabilization, contends Evercore. It says that when considering the company’s monetization opportunities of all the artificial intelligence-driven productivity tools across the platform, the Workvivo, phone, a new initiative targeting frontline workers, international expansion, and doubling its partner ecosystem, “there are multiple strategic levers in place to drive growth reacceleration.”