Zoom Video Communications (NASDAQ: ZM) got a boost today as multiple analysts upgraded their ratings on the stock and increased their price targets in the wake of the company's blockbuster earnings report on Tuesday. Davidson analyst Rishi Jaluria upgraded Zoom stock to buy from neutral (hold), increasing his price target to $240, up from $150. In a note to clients titled, "One of the Best Quarters in Software History," Jaluria cited "irreversible changes" in the work environment going forward. "We believe Zoom has cemented itself as the de-facto standard for video conferencing and that office reopenings could provide more momentum to Zoom, due to competitive displacements," Jaluria wrote. Image source: Zoom. He wasn't the only analyst rushing to upgrade the stock in the wake of the company's blockbuster performance. RBC Capital Markets analyst Alex Zukin also turned bullish on the company, upgrading the stock to outperform (buy) from sector perform (hold), and doubled its price target to $250 from its previous level of $125. "We are upgrading shares despite current valuations given our upside scenario where we see a path to continued high growth over the coming years, with Zoom Phone representing a significant [total addressable market] expansion opportunity," Zukin wrote in a note to clients. Needham analysts reiterated the stocks buy rating, but raised its price target to $230 from $140. Zoom delivered revenue in its fiscal first quarter of $328 million, up 169% year over year, a significant acceleration from the 78% growth in Q4. At the same time, it generated non-GAAP earnings per share (EPS) of $0.20, up more than six-fold compared to the prior year quarter. Both top and bottom line sailed past analysts' consensus estimates, which called for revenue of $202 million and EPS of $0.09. 10 stocks we like better than Zoom Video CommunicationsWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Zoom Video Communications wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of April 16, 2020 Danny Vena owns shares of Zoom Video Communications. The Motley Fool owns shares of and recommends Zoom Video Communications and recommends the following options: short August 2020 $130 calls on Zoom Video Communications. The Motley Fool has a disclosure policy.Source