Zeta Global Holdings: Strong Growth Prospects and Competitive Edge Justify Buy RatingWe sensed that the business fundamentals were robust with management highlighting acceleration in the legacy replacement cycle, higher RFP volumes, and increasing One Zeta adoption (cross-sell). Zeta also laid out a pathway to 30%-plus EBITDA margin with over 70% cash flow conversion by 2030, representing a Rule of 40 profile on a cash flow basis. This is above the Zeta 2028 target of 25%- plus EBITDA margin, up from 21% in 2025. Overall, we came away from the event with conviction in the runway for durable 20%-plus organic revenue growth, positive on the impact of AI on the platform with the launch of Athena (Zeta’s new conversational AI agent), and with a favorable view of the company’s competitive positioning. We continue to see a wide moat at Zeta as its broad front-office platform spans across data, data management, and customer engagement. We are reiterating our Outperform rating.