Roth Capital analyst Taz Koujalgi initiated coverage of Zscaler (ZS) with a Neutral rating and $215 price target The firm’s analysis indicates Zscaler’s net new annual recurring revenue on average has been flat for the past few quarters, and that its Zia momentum “has slowed quite a bit.” Roth is cautious on the shares given the tougher competitive landscape and recent slowdown in billings growth.
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