ZoomInfo price target lowered to $10 from $14 at Piper Sandler

Piper Sandler lowered the firm’s price target on ZoomInfo to $10 from $14 and keeps a Neutral rating on the shares. Macro challenges that pressured ZoomInfo growth for two years continued to surface during the month of June, marked by a noteworthy increase in bad debt write-offs for smaller customers, the firm says. Solid enterprise momentum was not enough to offset SMB erosion, resulting in a $16M top line miss during Q2 and $49M second half of the year revenue guide down. Piper also points out that the CFO transition could add further uncertainty, limiting visibility into the timing of a recovery that may not materialize until well into 2025.