KeyBanc initiated coverage of Zoom Communications (ZM) with an Underweight rating and $73 price target as part of a broader research note launch coverage of select Enterprise Software names. The company’s primary video conferencing business has been under threat since the peak of the pandemic as “virtual happy hours” faded into the background of the 5-days-a week in-office mandates, the analyst tells investors in a research note. Microsoft (MSFT) has also flexed its muscle with Teams features, capabilities, and user experience all gaining ground on Zoom, whose expansion beyond video collaboration is not “terribly attractive”, the firm added.
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