Zscaler price target lowered to $150 from $162 at BMO Capital

BMO Capital analyst Keith Bachman lowered the firm’s price target on Zscaler to $150 from $162 but keeps an Outperform rating on the shares after its Q1 results and outlook. The analyst states that he is disappointed that the company’s billings beat was not more substantial, but macro has deteriorated for all companies, including Zscaler. Bachman adds that he does not believe that market share shift is at work or that longer-term purchase intentions have changed.