Zscaler price target raised to $235 from $215 at Piper Sandler

Piper Sandler raised the firm’s price target on Zscaler (ZS) to $235 from $215 and keeps an Overweight rating on the shares. The firm remains confident in the thesis for Zscaler following Q1 results. Results topped expectations as forward guidance flowed through the beat. Tidbits around accelerating bookings growth and progress on the GTM transformation drives Piper’s longer-term optimism and confidence in the second half of the year billings acceleration. The firm thinks the setup for the rest of the year should lead to continued beats/raises, and is a buyer at current levels.