Zoom Communications' (ZM) Contact Center and digital assistant tool AI Companion continue to provide room for growth, though with minimal financial impact currently, Morgan Stanley analysts said in a note Friday, after the communications technology company delivered "encouraging" fiscal Q2 revenue beat.

Zoom's fiscal Q2 revenue beat was driven by increasing traction with new products, and as macro headwinds were "not as bad as expected," Morgan Stanley analysts said.

The company reported fiscal Q2 adjusted earnings late Thursday of $1.53 per diluted share. Analysts polled by FactSet had expected $1.38. Revenue for the three months ended July 31 was $1.22 billion. Analysts surveyed by FactSet had predicted $1.20 billion.

Morgan Stanley added that it remains to be seen if the company's AI Companion could serve as a bigger driver of growth, and it is looking forward to hearing more details on the assistant tool at the company's annual conference in September.

The brokerage retained an equal-weight rating and $85 price target on the stock. The unchanged rating was due to a lack of catalysts, "as growth has largely bounced around 2-4% for the last nine quarters, not giving investors enough confidence of eventual acceleration," Morgan Stanley said.

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