Wall Street has gone gaga for Zoom Video Communications (ZM) after its latest revenue report, to say the very least. And all indications point to the Street staying united in that optimism, despite an eye-popping price-to-earnings multiple of 232 times forward earnings.
Analysts hopped onto Zoom’s second quarter earnings call Monday night and congratulated execs for developing an essential communication tool to be used during a pandemic. JMP Securities analyst Pat Walravens pointed out to Yahoo Finance’s The First Trade his school age daughter got on the call and explained to founder Eric Yuan why Zoom is better than Google’s Hangout video conference offering.
Count Walravens as among nearly 50% of primary Zoom analysts (this group has Buy ratings on Zoom’s stock) on the Street that remain super bullish on the company’s prospects and stock.
“I have been doing this for 20 years, and I have never seen a story like this one. And it shows you the power of a really well-run company with a good mission that has exactly the service everyone needs in a crisis,” Walravens said.
Read more: Zoom shares soar...
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