2025-06-02-Jefferies-ZoomInfo（GTM）_杰富瑞软件会议要点_7页_105kb

ZoomInfo (GTM) equity research summary for June 2, 2025:

• Rating and price target: Buy, $15.00, up from $9.55, following interim CFO meeting.
• Management confidence: Fundamentals improving; growth expected higher in 2026 than 2025.
• Upmarket business: High demand for CoPilot and Operations O/S, strong bookings and NRR >90% improving q/q.
• Downmarket business: Challenges persist, NRR <80% stable, but expected share to decline to 25-25% of ARR long-term.
• Key products: GTM Studio to launch Q4 2025 for RevOps; CoPilot utilization better than legacy, pricing conservative for retention.
• Revenue outlook: 2025 guidance conservative; Downmarket ARR improves in H2 25 due to stricter client selection.
• Financial growth: Operations O/S >10% of revenues growing >20% y/y; margins improve as costs out of Downmarket.
• Valuation: Peer group EV/Rev multiple 5.5x $1.2B 2025 revenue estimate, price target $15.
• Risks: US economic downturn, competition, value-destructive M&A, and churn increases as key threats affecting growth trajectory.