Bernstein raises this 'port' in coronavirus 'storm'
Feb. 26, 2020 1:51 PM ETZoom Video Communications, Inc. (ZM)ZMBy: Brandy Betz, SA News Editor2 Comments
- Bernstein analyst Zane Chrane says Zoom Video's (NASDAQ:ZM) average daily downloads are up 90% on the prior 30-day period, while the user session per day increased by 17%.
- The firm calls Zoom a "port" in the coronavirus "storm."
- According to Chrane's analysis, Zoom has already added more new active users YTD than in all of 2019.
- Chrane does think a significant number of the new users are using Zoom's free options, but he says Zoom could convert some to paid users as companies become more familiar with the tech.
- Bernstein maintains an Outperform rating on Zoom and raises the target from $107 to $125. The company has a Neutral average Sell Side rating.
- Zoom Video shares are down 0.6% to $106.46.