KeyBanc upgraded Zscaler to Overweight from Sector Weight with a $220 price target. The firm cites a more constructive view on the company’s competitive landscape, positive channel and survey feedback, catalysts to secure access service edge adoption post-Ivanti, ongoing firewall weakness, and secure access service edge being an increasing priority for the upgrade. The analyst sees a more favorable risk/reward with Zscaler shares now trading in line with the greater than 20% growth group versus its two-year average 4.5-times premium.
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