Zoom's November pain started in the first week of the month. Zoom's stock has now lost more than half of its value over the last 52 weeks, missing out on a 27% gain in the S&P 500 market index: The online meetings specialist's red-hot trajectory in 2020 turned sour this year.

Price Action: ZM shares traded higher by 0.35% at $73.98 on the last check Tuesday.Shares of Zoom Video Communications ( ZM -5.18%) fell 23% in November, according to data from S&P Global Market Intelligence.Alternatively, she could be proven too positive if FX and direct business headwinds create an outsized negative impact on cash flow.Marshall could be too conservative if the company were to post a significant upside to her cash flow estimates.She will look for an opportunity to again turn more positive on ZM with signs of stabilization in direct business coupled with continued Enterprise growth, proof points of which she could hear more about at the upcoming Zoomtopia.Given that Marshall does not expect stabilization in Online business until early next year, the overhang will likely remain on the stock for the next six months, limiting the opportunity for value realization.However, she believes this value will be challenging to realize while direct (Online) business normalizes post-COVID and begins to incorporate a weaker macro environment.Marshall continues to think there is tremendous value in the enterprise platform ZM has built, something she expects to hear more about at the upcoming Zoomtopia.Morgan Stanley analyst Meta Marshall downgraded Zoom Video Communications, Inc ZM from Overweight to Equal-Weight and cut the price target from $130 to $90.

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