Zscaler price target raised to $270 from $235 at Stifel

Stifel analyst Adam Borg raised the firm’s price target on Zscaler (ZS) to $270 from $235 and keeps a Buy rating on the shares ahead of the company’s fiscal Q3 report due on Thursday, May 29. Given solid mid-quarter checks and survey work, stronger end-of-quarter checks, and historical precedent, the firm expects upside, but expects Zscaler to just reaffirm FY25 guidance or raise in-line with the beat. However, given the “healthy run” in shares and rising short interest, the firm wonders if “that will be enough to send shares higher following the print,” the analyst added in a preview.