By Dhirendra Tripathi
Investing.com – Zoom (NASDAQ:) shares rose more than 2% in Thursday’s trade following an upgrade by Argus that sees its high installed user base driving its growth.
Argus analyst Joseph Bonner upgraded the stock to buy with a $440 target, a 29% upside from the stock’s current level of $341.
At the end of April, Zoom had approximately 497,000 customers at companies with more than 10 employees. It had 1,999 customers contributing more than $100,000 in trailing 12 months revenue.
Bonner believes Zoom continues to benefit from the high number of users that came to its platform during the pandemic.
As life returns to normal, there has been much debate about business moving away from companies that benefited from work-at-home conditions during the pandemic, Zoom notably. Many expect life will move back to a hybrid model where remote or work-from-home will co-exist with the conventional workplace ecosystem.
Bonner sees Zoom’s full year 2022 earnings per share at $4.62 and fiscal 2023 EPS at $4.97. Zoom’s fiscal year runs from February through January.
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