Shares in Covid-19 darling Zoom Video Communications have fallen nearly 14% today despite a stellar earnings report Monday.Some Wall Street analysts have raised concerns that the company’s shares are overvalued.
The stock has surged more than 600% in 2020 to date as corporations, schools, government offices and others flock to Zoom meetings.
It was at about $412 at noon ET.Dan Romanoff of Morningstar wrote in a note to clients, “We continue to struggle with Zoom’s valuation and view shares as overvalued.” Credit Suisse reasserted its “underperform” rating on the company’s shares, though it did raise its 12-month price target from $315 to $340 due to the blockbuster earnings.For its fiscal third quarter ending Oct.
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