Stock Market Cafe
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
Stock Market Cafe
No Result
View All Result
Home Trading News

Zoom dips 10% in premarket trading as Wall Street cuts price targets on earnings

by
November 23, 2021
in Trading News
0
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter

RELATED POSTS

‘With Risk Comes Opportunity’: Oppenheimer Suggests 2 Stocks to Buy, Including One With 170% Upside Potential

India is a true bright spot in the midst of a global downturn, top execs and policymakers say

Source: Nasdaq

Shares of Zoom dipped 10% in premarket trading Tuesday after the video-chat company warned investors of a revenue growth slowdown, leading some firms to cut price targets on the stock.

Zoom was one of the pandemic darlings, going from a relatively niche business software segment to a household product. Millions of people used the company’s tech over the past nearly two years in order to keep up with school, work or socializing. But growth is slowing as people return to work and school.

BTIG, which lowered its price target to $400 from $460, reiterated its buy rating, but said the cut was to “better reflect current market sentiment and group multiple compression.”

Deutsche Bank Research also lowered its 12-month target to $280 from $350.

“While we’re positive on Zoom’s strategic initiatives and investments in key growth areas, we find it tougher to like a stock with more sharply decelerating growth and incremental pressure on profitability,” the researchers wrote in a Tuesday note.

Baird, Guggenheim, Wells Fargo, Stifel, UBS, Piper Sandler and KeyBanc also dropped their price targets. But Wall Street is generally still bullish on Zoom’s future.

“Moderating growth has been, and could continue to be a near-term stock headwind, though we remain positive on the long-term growth and platform opportunity particularly as the growth rate troughs over the next couple quarters,” Baird researchers wrote Tuesday.

Zoom’s revenue increased 35% from a year earlier in the quarter, which ended Oct. 31, slowing from 54% growth in the quarter before. For the fiscal fourth quarter, Zoom forecast adjusted earnings of $1.06 to $1.07 per share on $1.051 billion to $1.053 billion in revenue, which implies 19% growth.

— CNBC’s Michael Bloom and Jordan Novet contributed to this report.

Subscribe to CNBC on YouTube.

ShareTweetPin

Related Posts

‘With Risk Comes Opportunity’: Oppenheimer Suggests 2 Stocks to Buy, Including One With 170% Upside Potential

by
January 27, 2023
0

S&P Futures 4,063.50 -12.00(-0.29%)   Dow Futures 33,995.00 -28.00(-0.08%)   Nasdaq Futures 12,038.25 -68.50(-0.57%)   Russell 2000 Futures 1,905.90 -4.60(-0.24%)...

India is a true bright spot in the midst of a global downturn, top execs and policymakers say

by
January 27, 2023
0

With 2023's World Economic Forum in Davos dominated by discussions of economic growth, or a lack of in most developed...

Buy the dip? Top Morningstar strategist names 3 stocks trading at a steep discount

by
January 27, 2023
0

This year is shaping up to be a "tale of two halves," according to Dave Sekera, chief U.S. market strategist...

Here’s where mainland Chinese traveled overseas for the Lunar New Year

by
January 27, 2023
0

BEIJING -- Travelers from mainland China stuck close to home in Asia during the Lunar New Year, the first holiday...

Morgan Stanley has a ‘simple’ tech playbook, names TSMC and others as stocks to buy right now

by
January 27, 2023
0

Tech stocks have staged a remarkable comeback this year, as investors flock to the sector once more. The tech-heavy Nasdaq...

Next Post

Bank of America sees a market similar to 2000, predicts a small decline for stocks in 2022

Turkish lira crashes to 'insane' historic low after President Erdogan sparks sell-off

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:

By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

MOST VIEWED

  • Crocs sees fourth-quarter sales up 42%, CEO Andrew Rees says 2021 was ‘exceptional year’

    0 shares
    Share 0 Tweet 0
  • Biden didn’t accept Putin’s ‘red lines’ on Ukraine – here’s what that means

    0 shares
    Share 0 Tweet 0
  • Buying a car from the factory sounds expensive, but it can actually save you money. Here’s how to do it.

    0 shares
    Share 0 Tweet 0
  • The states that won’t tax military retirement in 2022

    0 shares
    Share 0 Tweet 0
  • Roth TSP vs. Roth IRA: How Do They Compare?

    0 shares
    Share 0 Tweet 0
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by www.stockmarket-cafe.com
No Result
View All Result
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy

All rights reserved by www.stockmarket-cafe.com