Why Zoom Video Communications Stock Jumped on Thursday

Shares of Zoom Video Communications (NASDAQ: ZM) surged higher on Thursday, adding as much as 5.9%. As of 2:56 p.m. ET, the stock was still up 5.8%.

The catalyst that sent the online meeting specialist climbing was positive coverage from a Wall Street analyst.

Citic Securities analyst Junyun Chen initiated coverage of Zoom Video Communications with a buy rating while also issuing a price target of $260. His new estimate would represent potential gains for investors of roughly 43% over the coming year compared with the stock's closing price on Wednesday. 

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Source Fool.com