ZoomInfo Technologies gains after BofA upgrades to "buy"

ZoomInfo Technologies

29/01/2024 17:42

** Shares of ZoomInfo Technologies  ZI.O  rising 6.7% to
$16.95 on Mon after Bank of America Global Research analysts
upgraded  company to "buy" from "neutral"
     ** Stock, which rose as high as $17.11, is on track for its
biggest daily pct gain since Dec. 14
     ** ZI is a "classic self-help story" that is set to
"outperform" because of "better execution driving revenue growth
reacceleration", "new AI products driving higher monetization",
and "ending of interest rate hike cycles" being bullish for
small cap stocks like ZI, says BofA analysts led by Koji Ikeda
     ** BofA raised ZI PT to $25 from $20
     ** "Stock trades at a 50% discount valuation to its
horizontal software peers, leaving lots of runway for multiple
expansion," Ikeda says
     ** Median PT of 21 analysts covering ZI is $20, unchanged
from a month ago, and their avg recommendation is "buy", per
LSEG data
     ** ZI lost ~39% in 2023 and is down 8.4% YTD
    
    

 (Reporting by Chibuike Oguh in New York)
 ((Chibuike.Oguh@thomsonreuters.com; +332-219-1834; Reuters
Messaging: chibuike.oguh.thomsonreuters.com@reuters.net))