Zoom Leverages 'AI-Powered Advancements' For Growth: Analyst Sees Market Edge

Priya Nigam

April 18, 2024

Zoom Video Communications Inc (NASDAQ:ZM) is holding its ground in the AI wave, despite intense competition.

The company has refused its channel strategy, which is generating "positive partner feedback," according to Rosenblatt Securities.

The Zoom Video Communications Analyst: Catharine Trebnick upgraded the rating for Zoom Video Communications from Neutral to Buy, while keeping the price target unchanged at $75.

The Zoom Video Communications Thesis: The partnerships with Avaya and Amazon.com Inc's (NASDAQ:AMZN) AWS could drive incremental revenue, Trebnick said in the upgrade note.

Check out other analyst stock ratings.

The company's product momentum remains strong, with Zoom Phone boasting of 95 customers with over 10,000 seats, which represents 27% year-on-year growth, while "CCaaS has tripled in adoption with larger average deal sizes," and more than 510,000 accounts now use Zoom AI Companion, the analyst stated.

"Recent channel checks (late March) confirm the sustained success of Zoom Phone and an encouraging uptick in CCaaS activity," she added.

"Zoom’s emphasis on AI-powered advancements positions the company well to address the growing demand for intelligent and productive collaboration tools," Trebnick further wrote.

ZM Price Action: Shares of Zoom Video Communications were up 1.6% to $60.04 at the time of publication on Thursday.

Now Read: Treasury Yields Head To ‘Danger Zone’: Analyst Forecasts Potential Spike To 5%, Disorderly Sell-Off For Markets

Photo: Shutterstock

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