Why Zoom Video Stock Beat the Market on Monday
Zoom Video Communications (NASDAQ: ZM), the bellwether videoconferencing technology stock of our age, did well on a bad day for the stock market Monday. The company's shares crept up by 0.6%, in contrast to the 0.4% decline of the S&P 500 index. This was due in no small part to an analyst initiating coverage on Zoom with a positive outlook.
Chinese investment bank CICC was the initiating party, in the person of analyst Ya Tao, who launched coverage with an outperform (buy) recommendation at a specific price target of $182.92. That's nearly 30% above Zoom's latest closing stock price.
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Source Fool.com
