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Author: Alan LittleDate: 2021-08-27

Zoom (ZM) +2.39% on Morgan Stanley upgrade ahead of Q2 report

Video conferencing company Zoom (ZM) saw its shares rise on the Nasdaq after Morgan Stanley hailed its “durable platform for growth” while upgrading its rating and price target.

Zoom (ZM) made modest share gains on Thursday after Morgan Stanley upgraded its rating and price target for the tech company on what it sees as a “durable platform for growth”.

Zoom is set to disclose its report on Monday (30th August) and analyst Meta Marshall believes that a revenue beat of +5% is on the cards, a return that would likely lead to a rise in its share price.

While Marshall admits that the current consensus isn’t exactly conservative, Morgan Stanley believes that Q2 beats are “doable” amid signs of strength across the company.

Marshall noted an improvement in pathways to greater margins in the future and went against “overdone concerns” about business churn.

Morgan Stanley followed up its bear argument with a new, higher overweight rating and $400 price target.

The positive comments set Zoom on course for gains on Thursday as its shares rose 2.39% to $345.82 during the morning on the Nasdaq.

Snowflake (SNOW) also advanced 4% after its Q2 revenue skyrocketed 100% to $272.2m as it trumped the $256.1m FactSet forecast.

The data analytics software company did underwhelm on the earnings front though as a net loss of $0.64 came in wider than the -$.015 expectations.

Guidance for the short to medium term is more promising, with Q3 revenue expected to rise to up to $285m and top out at $1.07bn for the full year, which compared favourably with forecasts.

After trading down after the report was released as investors reacted to the mixed figures, Snowflake shares advanced 4.88% to $297.62 in New York early on Thursday.

Other companies making gains in the US included Ulta Beauty (ULTA) and Williams-Sonoma (WSM).

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