Oppenheimer raised the firm’s price target on Zscaler (ZS) to $290 from $250 and keeps an Outperform rating on the shares. The firm notes Zscaler delivered a solid Q3, beating revenue, billings, and RPO estimates while increasing FY25 guidance across all metrics. Macro was not an issue in the April quarter, and management notes no impacts to date. Zscaler is not only managing to credibly expand the portfolio towards data security, SecOps, and AI but also introduced a new Z-flex pricing model, which should significantly accelerate platform adoption over the coming years, Oppenheimer adds.
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