Zscaler price target lowered to $185 from $225 at Citi

Citi analyst Fatima Boolani lowered the firm’s price target on Zscaler to $185 from $225 and keeps a Buy rating on the shares post the fiscal Q1 results. The analyst says that while the "muted" 2% billings upside and decelerating bookings growth "is likely to garner most negative attention," she’s bullish on Zscaler’s "demonstrable success with large, lucrative, structurally important multiyear/ multi-pillar deals, evident in $1M cohort performance." The anlasyt dropped the price target to reflect peer group multiple compression.