Bernstein downgraded Zscaler (ZS) to Market Perform from Outperform with an unchanged price target of $264. While Zscaler continues to perform well, the company’s fiscal Q1 report “added narrative issues” regarding 2026 annual recurring revenue guidance, driving concerns about increased competition, the analyst tells investors in a research note. With the stock’s narrative now “challenged,” Bernstein views the stock’s valuation as fair.
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