Zoom Video Zooms Downward on Analyst Downgrade to Sell
Nasdaq
Shares of Zoom Video (ZM) - Get Report zoomed downward on Monday, bucking the trend of the broader U.S. equity markets, after the company received a downgrade from Goldman Sachs.
In a note to clients published Sunday, Goldman analyst Heather Bellini downgraded Zoom Video to sell from neutral, noting her "blue sky scenario" is already more than factored into investors' expectations at current valuation levels.
However, the analyst did raise her 12-month price target on the stock to $66 from $53, noting that her view on Zoom Video's ability to continue to execute well and exceed consensus expectations remains unchanged.
The video-conferencing software company, which went public in April 2019, has a market cap that's more than three times that of Beyond Meat (BYND) - Get Report , which has seen a fourfold increase in its own share price since its initial public offering in May.
Shares of Zoom Video were down 3.62%, or $3.21, at $85.58 in trading Monday. The stock closed Friday down $1.48 to $88.79.
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