Zoom's Growth Reacceleration Is Durable as It Moves Beyond Meetings, BofA Says

MT Newswires Live

Aug 19

Zoom Communications (ZM) shows a durable path to growth recovery as the company increasingly transitions from a single-product video-meetings provider into a broader communications and work platform, BofA Securities said in a Wednesday note.

Zoom's newer product portfolio, including Phone, Contact Center, AI Companion and Workvivo, is reaching sufficient scale to help support enterprise net dollar expansion above 100%, BofA Securities said.

While Microsoft (MSFT) Teams remains a competitor, Zoom does not need to beat Microsoft; it only needs to defend its installed base and drive wallet-share expansion through cross-selling, according to the note.

BofA Securities further said returns of capital are a central part of its bull thesis on the company, noting that Zoom has a highly flexible balance sheet with about $7.7 billion in cash and marketable securities, zero debt and strong free-cash-flow generation, allowing the company to fund product investment, acquisitions and buybacks.

BofA Securities reinstated coverage of the stock with a Buy rating and a $130 price target.

Price: 107.86, Change: +3.15, Percent Change: +3.00

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