Some Wall Street analysts have raised concerns that the company’s shares are overvalued. The stock has surged more than 600% in 2020 to date as corporations, schools, government offices and others flock to Zoom meetings. It was at about $412 at noon ET.
Dan Romanoff of Morningstar wrote in a note to clients, “We continue to struggle with Zoom’s valuation and view shares as overvalued.” Credit Suisse reasserted its “underperform” rating on the company’s shares, though it did raise its 12-month price target from $315 to $340 due to the blockbuster earnings.
For its fiscal third quarter ending Oct. 31, Zoom posted earnings per share of 99 cents, far better than the consensus forecast by analysts of 76 cents. Revenue also soared above estimates, coming in at $777.2 million.
“While we all hope for a vaccine as soon as possible, I think that remote work trends are here to stay,” she said. Features and products rolled out by Zoom in recent months will “support customers and employees that are thinking about potentially going back to work likely in some sort of a hybrid work environment.”is Smart Gallery, which is designed to improve communication among workers when some are remote and some are in the office.
J.P. Morgan agreed with that optimistic view, upping its 12-month price target on Zoom shares to $450 from $425 and reaffirming its “buy” rating.
also its china controlled
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