ASAN - Zoom rises as Benchmark upgrades to buy sees 30% upside

Zoom Video Communications (NASDAQ:ZM) shares rose early Tuesday after investment firm Benchmark upgraded the stock, noting it still has room to grow, even if it's at a lower level. Analyst Matthew Harrigan raised his rating to buy from hold and put a "conservative" $124 price target, implying some 30% from current levels, noting that revenue is only likely to grow roughly 11% in fiscal 2023, considerably less than Zoom has grown in the past.  "We are admittedly surprised by the opportunity to upgrade Zoom’s stock at its current level  as we have high regard for management, especially CEO Eric Yuan, and feel that the current  price attaches nil credibility to Zoom realizing platform “happiness” ambitions," Harrigan wrote in a note to clients. Zoom (ZM) shares rose more than 2% to $96.62 in premarket trading on Tuesday In addition, Harrigan noted that since the market is currently averse to paying up for long-term

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Zoom rises as Benchmark upgrades to buy, sees 30% upside