Evercore ISI raised the firm’s price target on Zscaler to $215 from $200 and keeps an Outperform rating on the shares following a “strong” fiscal Q1 with a top and bottom-line beat. An after-market selloff was tied to the announced GTM leadership change and the billings guidance and considering the year-to-date move in shares and the valuation, the “reaction to a report with some hair on it is not unexpected,” says the analyst. However, when looking past the noise, this quarter was well executed with most metrics outperforming and the firm’s thesis “remains firmly intact,” the analyst tells investors.
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