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Piper Sandler analyst James Fish upgraded Five9 (FIVN) to Overweight from Neutral with a price target of $200, down from $203.

The stock in morning trading is up 3% to $173.31.

After speaking with Five9 investors and learning of the Institutional Shareholder Services recommendation to vote against the Zoom Video Communications (ZM) takeover, the analyst sees an increased probability of his "top scenario" of Zoom having to offer a sweetener to at least $200 per share to "make investors whole."

Fish also sees an increased probability of an out-right deal rejection that reverts Five9 back to standalone valuation. The risk/reward setup for Five9 is attractive ahead of the shareholder vote on September 30, Fish tells investors in a research note. He sees "multiple scenarios for share upside."