Zscaler price target lowered to $135 from $165 at Stifel

Stifel analyst Adam Borg lowered the firm’s price target on Zscaler to $135 from $165 and keeps a Buy rating on the shares. It was "not surprising" to see shares trade down double-digits in after-hours given Zscaler’s year-to-date 20% advance, premium multiple, and more elevated expectations heading into the print, said the firm, which thinks shares are likely range-bound the next few quarters. However, Stifel continues to believe Zscaler has a number of drivers to sustain 30%-plus growth and margin expansion in coming years, the firm added.