Macquarie raised the firm’s price target on Zscaler to $166 from $160 and keeps a Neutral rating on the shares. The company reported a strong fiscal Q1 while maintaining its fiscal 2024 billings outlook as management “layers in conservatism for a sales leadership change,” the analyst tells investors in a research note. The firm says that while Zscaler is executing well, the sales leadership transition leaves it cautious near-term.
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