Piper Sandler analyst James Fish reiterated a Neutral rating and $72.00 price target on Zoom Video (NASDAQ: ZM).

The analyst commented, "FQ1 results and FQ2 guide may be a signal that Zoom's business may be starting to stabilize and could accelerate in F2H, though a lot remains to be proven. On the positive side, NRR is showing stability, new business was up ~20% Y/Y, monthly Online churn would have been 3.0% without the Direct customer change, management continues to manage expenses and expectations, FCF remains strong, and Phone / CX conversions & wins (see our 1H24 CX Survey that points to this) appear to be strengthening. However, the shift from Meetings to faster-growth solutions like Phone, CX, Workplace, and AI Companion has a long way to go, NRR is still <100% and guide implies this getting >100% in F2H, & uncertainty remains around cash usage / M&A. With all of this in mind and shares lacking a near-term catalyst, we are reiterating our Neutral rating and $72 PT."

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Shares of Zoom Video closed at $64.09 yesterday.