ZoomInfo price target lowered to $30 from $32 at Piper Sandler

Piper Sandler analyst Brent Bracelin lowered the firm’s price target on ZoomInfo to $30 from $32 and keeps an Overweight rating on the shares post the Q1 results. An outsized exposure to the software industry coupled with an increasing number of software layoffs created a challenging 2023 setup for ZoomInfo, the analyst tells investors in a research note. The firm says this was evident by the "mixed" Q1 results. However, the company’s software exposure risks are known and the stock’s risk/reward is favorable after the 28% year-to-date selloff, contends Piper.