Baird notes that the firm and the market have been primarily focused on Zoom Communications (ZM)’ ability to gradually reaccelerate revenue growth and capture AI opportunities. However, “the quieter, hidden gem” might be its $51M investment in Anthropic in 2023, the analyst tells investors. At Anthropic’s rumored current $350B valuation, the firm estimates that stake could be worth anywhere from $2B-$4B, depending on dilution assumptions, says the analyst, who has an Outperform rating and $95 price target on Zoom shares.
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