'Waning fundamentals' weighing on ZoomInfo Technologies - Goldman Sachs
ZoomInfo Technologies Inc. was cut to Neutral from Buy at Goldman Sachs on Thursday, with the investment bank issuing a new price target of $17 per share for the stock, down from $30.
Analysts explained that a"rebound in tech hiring – a key pillar of our thesis – is taking longer than expected, with industry signals suggesting muted growth next year." Goldman Sachs believes that with the company's large multi-year cohort up for renewal in the next two quarters and a depressed NRR, it"could lead to top-line growth taking longer than expected to inflect."
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