JPMorgan raised the firm’s price target on Zscaler (ZS) to $354 from $351 and keeps an Overweight rating on the shares following the earnings report. Zscaler’s emerging product annual recurring revenue “stood out as exceptional,” offset somewhat by disappointing ARR disclosure, the analyst tells investors in a research note. The firm believes the company’s traction with emerging products was “notably strong” as Zero Trust Everywhere, AI Security, and Data Security saw “healthy” sequential growth. JPMorgan cites Zscaler’s better results and outlook for the target increase.
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