Zoom Video Communications (ZM) - Get Report got a vote of confidence after a top industry analyst lauded the videoconferencing company as a "port" in the coronavirus "storm" for investors.

Shares of Zoom have wavered on Wednesday, trading up as much as 3.9% and off as much as 1.4%. At last check they were little changed at $107.06. 

Average daily downloads at Zoom shot up 90% in the past 30 days compared with the prior month. Companies, increasingly anxious about the spread of the coronavirus, have pulled back on face-to-face meetings, Bernstein analyst Zane Chrane noted.

"Perhaps more impressively, Zoom has added more active new users year to date in 2020 than in all of 2019 combined," Chrane wrote.

Zoom is also seeing an increase in the number of sessions per day - 17% - as well as a 3% rise in their average length, according to the Bernstein analyst.

Chrane boosted his price target on Zoom Video's stock to $125 a share from $107. He rates the shares outperform.

While many of the new users Zoom Video is seeing amid the fallout from the coronavirus are probably opting to use its free services, the company is still likely to see a big boost in revenue as some of those users convert to paying customers, the Bernstein analyst wrote.

The company puts a 40-minute limit on group chats, while one-on-one meetings have no time limits, Chrane noted.

Even if the conversion rate of users to paying customers is less than half what it was in 2019, Zoom is still on track to see a 74% jump in revenue, according to Bernstein's Chrane.