ZoomInfo Technologies (ZI) PT Lowered to $9 at Mizuho
Mizuho analyst Siti Panigrahi lowered the price target on ZoomInfo Technologies (NASDAQ: ZI) to $9.00 (from $14.00) while maintaining a Neutral rating.
The analyst commented: "ZI reported a disappointing Q2 as the company missed on revenue ($291.5M vs $308M cons) and lowered its full-year revenue guidance by ‾5%, driven in part by the revision of ZI's estimates for the collectability of previously recognized revenue (mainly from SMBs, and accounted for ‾50% of the lowered 2024 revenue guidance). Moreover, the company announced changes to its Board and a CFO transition in conjunction with its earnings release. While ZI pointed to some improving fundamentals in the underlying business (NRR stabilizing, enterprise business growth, Copilot monetization, etc.) we remain concerned over management's visibility into future renewal trends (Q4 represents another large renewal quarter for ZI). In turn, we reiterate our Neutral rating and lower our PT to $9 (from $14), driven by our lowered estimates."