By Sam Boughedda
Investing.com — Zoom Video Communications Inc (NASDAQ:ZM) stock has weakened over 3.7% Monday after Wells Fargo initiated the company with an equal weight rating.
Analyst Michael Turrin also set a $275 price target for the stock, telling investors ahead of its earnings release that despite the company achieving record operating results in the last 18 months, there is an "admittedly challenging" set up ahead its shares.
"As the company laps some exceptional prior results, we think the investor discussion will continue to focus in on Zoom's future growth prospects and what levers are still ahead," said Turrin.
The analyst added that current challenges for the company are likely to keep its shares rangebound. Zoom shares closed Monday's session at $241.94.