Zscaler price target raised to $238 from $205 at BTIG

BTIG analyst Gray Powell raised the firm’s price target on Zscaler (ZS) to $238 from $205 and keeps a Buy rating on the shares. The firm’s fieldwork with ten contacts in the security space down ticked relative to last quarter, with insights on near-term trends mixed but skewed more cautious, mainly on large deal delay commentary and residual headwinds related to sales turnover earlier this year, the analyst tells investors in a research note. Partners continue to see a stable competitive environment in large enterprise secure service edge deals and generally view Zscaler as a mid 20’s grower for the next year, which is positive, BTIG says.