Why Zoom Stock Was Out of Focus on Wednesday
Zoom Video Communications (NASDAQ: ZM) was an underperforming stock on Wednesday, even by the standards of the day's very gloomy market. The bellwether videoconferencing company's shares took a nearly 7% hit, a deeper slide than the 4%-plus decline of the S&P 500 index. Investors took an analyst's price target cut on the stock to heart, with many eagerly selling out of their Zoom positions.
Before market open Wednesday, UBS prognosticator Karl Keirstead was ready with a pair of shears for Zoom stock. He trimmed his price target to $100 per share from the previous $130, maintaining his neutral recommendation on the stock as he did so.
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Source Fool.com
