UBS analyst Roger Boyd maintained a Buy rating on Zscaler today and set a price target of $260.00.
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Roger Boyd has given his Buy rating due to a combination of factors tied to Zscaler’s accelerating growth and positioning in AI security. He points to robust momentum in newer, non-seat-based products, which are expanding rapidly and gaining strong traction in large enterprise deals, especially with the AI Protect offering that monetizes rising agent and token usage.
Boyd also highlights improving ARR trends, with first-half organic NNARR growth re-accelerating and guidance implying only modest deceleration ahead, supported by a record pipeline, better conversion, and ramping sales productivity. Even assuming no growth from recent acquisitions, he believes consensus targets are attainable with steady core NNARR expansion, and he views the current EV/FCF multiple as attractive for a business delivering around 20% organic growth, despite a lower price target reflecting more conservative long-term valuation assumptions.
According to TipRanks, Boyd is an analyst with an average return of -6.8% and a 40.00% success rate. Boyd covers the Technology sector, focusing on stocks such as Palo Alto Networks, Akamai, and Check Point.
In another report released today, TD Cowen also maintained a Buy rating on the stock with a $220.00 price target.