UPDATE: Zscaler (ZS) PT Raised to $40 at BTIG, Matches Street High from Needham

BTIG raised its price target on Zscaler (NASDAQ: ZS) to $40.00 (from $33.00) while maintaining a Buy rating.

Analyst Joel Fishbein Jr. comments "The company’s tandem top- and bottom-line excellence is indicative of a business with a bright current and future market opportunity paired with an inherently efficient cost structure. Make no mistake – Zscaler firmly believes in its massive market opportunity, and mgmt. is all-in on pursuing intelligent top-line growth in every facet of the business. The take-home message of the call was that while results were impressive, they should not be viewed as one-time outperformance. This is simply the normal course of business for Zscaler. In our view, this is just the first of many great quarters for a transformational company."

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