Zscaler downgraded to Neutral from Buy at BTIG

BTIG downgraded Zscaler (ZS) to Neutral from Buy with no price target and removing the stock from BTIG’s first half Top Picks list. This downgrade “was not an easy decision,” said the analyst, who added that independent field checks conducted with five contacts on Zscaler over the last week and the data points have changed significantly relative to work just a few months ago. Feedback on the next 6 – 12 months skewed cautious across the majority of contacts and the firm is now picking up on a meaningful increase in competition from multiple sources, the analyst tells investors.