Zscaler price target raised to $345 from $290 at Oppenheimer

Oppenheimer raised the firm’s price target on Zscaler (ZS) to $345 from $290 and keeps an Outperform rating on the shares. The firm come away from Zenith Live incrementally positive on Zscaler’s market position as a leading “zero trust” provider. At the event, management announced new product initiatives including SIEM-like capabilities built from acquired assets, an LLM proxy solution, and products for securing public and private AI model use. In addition to these announcements, management highlighted pricing evolution, an outlook on new logo and upsell opportunities, and the significant ROI customers get from consolidating onto the Zscaler platform. Oppenheimer surveyed customers and observed strong interest in leveraging the expanded Zscaler portfolio.