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Author: Alan LittleDate: 2020-10-12

Analyst hails “global sensation” Zoom (ZM), shares up 2.90%

Zoom Video Communications (ZM) continued its recent hot streak on Friday and pushed its stock gains for the year to a staggering 600% after a leading analyst said that it is now a “best-of-breed” video conferencing tool.

Mizuho’s Siti Panigrahi said that Zoom effectively became a “global sensation” overnight after uptake of its services skyrocketed during the COVID-19 pandemic amid the stay-at-home work policies that have been prevalent since March.

Panigrahi ended his bullish note by setting a new buy rating and $550 price target, which is around 15% higher than the current price.

Zoom has soared during 2020, but there was time for another 2.90% rise on Friday as shares closed at $492.41.

This extends its year-to-date gains to more than 600%, but Panigrahi believes that it still represents great value for investors looking to enter the market.

He claimed that Zoom has carved out a position as market leader during the last six months, which has boosted its global recognition.

This will enable it to drive “outsized revenue growth” in the coming months.

Panigrahi also noted that the video comms industry is still an “underpenetrated long-tail market” and that competitors are trying their best to wrestle market share away from Zoom.

Google (GOOGL) announced last week that its suite of productivity apps will be called Google Workspace after a rebrand.

There will also be new features, with a focus on an “integrated user experience” that allows users to start video meetings from within Gmail and share files in chats.

Google is also following Zoom rival Slack (WORK) by adding more options for intercompany collaboration.

Google owner Alphabet ended Friday 1.82% up at $1,510.45.

Zoom Shares

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