Zscaler (ZS) PT Raised to $85 at BofA Securities

BofA Securities analyst Daniel Bartus raised the price target on Zscaler (NASDAQ: ZS) to $85.00 (from $74.00) while maintaining a Buy rating.

• 3Q20 results scheduled for 5/28.
• Raise estimates, but believe the buy-side may be higher.
• Specifically, we now model 3Q/FY20 billings at $112mn/$505mn, but we think investors are likely looking for $120mn+/$520mn+, .based on our conversations.
• heightened expectations a risk, but FY21 set-up remains compelling

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