Morgan Stanley raised the firm’s price target on Zscaler (ZS) to $195 from $180 and keeps an Equal Weight rating on the shares. The median cybersecurity stock was up 70% last year, but the firm thinks the group has more room to run in 2024 as demand improves throughout year driven by rising threats, regulatory mandates and GenAI tailwinds, the analyst tells investors. Valuations in the group are above historical averages, but positive revisions should drive continued outperformance, argues the analyst, who notes that Palo Alto Networks (PANW) remains the firm’s Top Pick in the space, followed by Fortinet (FTNT), Tenable (TENB) and Crowdstrike (CRWD).
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on ZS:
- 5 Top Cybersecurity Stocks to Buy Now, According to Analysts – January 2024
- Zscaler price target raised to $275 from $225 at Jefferies
- The security, infrastructure software stocks to own in 2024, according to Piper
- Zscaler price target raised to $255 from $236 at Piper Sandler
- Check Point price target raised to $144 from $138 at Piper Sandler