Zscaler price target lowered to $160 from $190 at Wells Fargo

Wells Fargo analyst Andrew Nowinski lowered the firm’s price target on Zscaler to $160 from $190 and keeps an Overweight rating on the shares. Zscaler beat the high-end of revenue guidance by 4.3%, which was a slightly larger beat than last quarter, though management did not raise the high-end of its Billings guidance for FY23, Nowinski tells investors in a research note. The analyst continues to believe Zscaler is more resilient to the macro, but not entirely immune.