Needham analyst Joshua Reilly raised the firm’s price target on Zoom Communications (ZM) to $130 from $100 and keeps a Buy rating on the shares. The company reported a solid Q1 with revenue 140 bps above the firm’s estimates, the analyst tells investors in a research note. Very strong trends for non-current RPO implying that customers are buying more products with longer contract durations are indicating that mid-single digit revenue growth is likely sustainable for the next several years, the firm added.
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