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Zoom Stock Falls After Being Initiated with Equal Weight By Wells Fargo -Breaking

by Mike Robinson

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© Reuters

Sam Boughedda

Investing.com — Zoom Video Communications Inc (NASDAQ:) stock has weakened over 3.7% Monday after  Wells Fargo initiated the company with an equal weight rating.

Michael Turrin, analyst at the firm, also suggested a price target of $275 for the stock. He told investors before the earnings release that, despite record-breaking operating results over the past 18 months, it still has an “admittedly difficult” task ahead. 

Turrin stated that Zoom has achieved some extraordinary prior results and the investors will be continuing to discuss Zoom’s growth prospects.

According to the analyst, current company challenges will likely keep shares of Zoom stock rangebound. Zoom shares were closed Monday at $241.94.

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