Zscaler price target raised to $290 from $245 at Oppenheimer

Oppenheimer raised the firm’s price target on Zscaler to $290 from $245 and keeps an Outperform rating on the shares. The firm also highlights Zsclaer as a top pick for 2024. Its bullish thesis is predicated on the firm’s belief that Zscaler has significant upsell opportunity with existing products like ZPA, ZDX, and Data Protection; will see sustained growth momentum over next 2-3 years with new products; stands to benefit from recent GTM additions that strengthen the company’s relationship with SIs/VARs and offer deeper large account penetration, mid-market logo growth, and potential long-term margin expansion; and is positively impacted by regulatory tailwinds that can drive new ACV growth and accelerate Fed adoption. Oppenheimer sees strong potential for the shares in 2024.