2025-05-20-Jefferies-Zoom（ZM）_调查显示人工智能功能反馈令人鼓舞_但仍处于早期阶段_18页_858kb

Zoom's equity research report by Jefferies (May 19, 2025) provides a constructive outlook with a "BUY" rating and $100 price target, up from $83.31 (+20% upside), based on reasonable valuation and early AI feature adoption.

• Key Highlights: Zoom shows sustained ARPU growth in Enterprise and Online stabilization. AI features are survey-tested with promising results, but early data.

• AI Impact: 45% of AI Companion users believe it increases retention; 41% are willing to pay extra; 17% would pay for the $12/month add-on. Willingness to pay indicates upside for revenue and monetization.

• Financial Expectations: FY26 revenue projected at $1,162–$1,167M, driven by stronger Enterprise growth than consensus. EPS expected to exceed expectations, with online monetization improving through AI. Long-term revenue growth is expected but subject to competition risks.

• Risks: Competition from Microsoft, supply-side issues, and regulatory privacy concerns. Upside stems from AI monetization, customer retention, and enterprise expansion.

• Valuation: Market cap $13.2B, EV/FCF multiple supports the $100 price target despite moderate growth in 2025.