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In light of recent lawsuits and short reports, which have placed ZoomInfo Technologies Inc's (NASDAQ: ZI) data collection practices under greater scrutiny, Wells Fargo analyst Michael Turrin spoke with several data privacy and legal experts to gain a better perspective.
Notably, WFC's legal experts believe ZI complied with all laws and regulations and that the recent accusations lack merit from a legal standpoint.
Turrin also became much more comfortable with their compliance and regulatory strategy moving forward under the leadership of recently appointed Chief Compliance Officer Simon McDougall, whom his discussions suggest is highly regarded in the space.
With clarity on ZI's legal positioning, he became more optimistic about ZI.
He continues to view the company's end market opportunity as favorable.
All the above should help shore up confidence in ZI's ability to execute on a multi-year journey of 30+% rev growth and 40+% uFCF margin.
Turrin reiterated an OverWeight with a price target of $70 on ZI.
Price Action: ZI shares traded higher by 6.55% at $38.62 on the last check Tuesday.
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