Zscaler price target raised to $260 from $250 at Loop Capital

Loop Capital raised the firm’s price target on Zscaler (ZS) to $260 from $250 but keeps a Hold rating on the shares after its Q3 earnings beat. The company is facing the same macro headwinds as its peers, but Zscaler continues to show solid, steady execution, and with another solid billings quarter, the previous risk related to a sizable sequential ramp implied in its Q4 billings no longer applies, the analyst tells investors in a research note. Loop adds however that it is still wary of the now largely completed go-to-market transition that required revamping of its sales organization to better manage its business, which is becoming more driven by upsells from its installed base.