Zscaler price target raised to $222 from $197 at BMO Capital

BMO Capital analyst Keith Bachman raised the firm’s price target on Zscaler (ZS) to $222 from $197 and keeps an Outperform rating on the shares. The company modestly beat billings estimates for the October quarter and raised its FY25 guide by the amount of the billings beat, though in the near term, the report will be impacted and potentially overshadowed by the announcement of the CFO’s retirement, the analyst tells investors in a research note. Longer term, BMO is positive on Zscaler’s fundamentals, noting that the company’s growing platform and expanding total addressable market can support durable growth.