Zscaler (ZS) PT Raised to $200 at BMO Capital

BMO Capital analyst Keith Bachman raised the price target on Zscaler (NASDAQ: ZS) to $200.00 (from $195.00) while maintaining an Outperform rating.

The analyst commented, "ZS reported a reasonable quarter across the board, though ~4pts of billings growth upside was perhaps less than investors expected. Federal vertical strength drove much of the billings upside, which we think raises concerns on the commercial side of the business. Management reiterated its FY24 billings growth guide of ~25% y/y, and we think subsequent FY24 quarterly billings beats are likely to be smaller. Our revenue, operating margin, and FCF margin estimates are moving slightly higher. We raise our target price to $200 and retain our Outperform rating."

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