RBC Capital analyst Matthew Hedberg lowered the price target on Zscaler (NASDAQ: ZS) to $200.00 (from $205.00) while maintaining a Outperform rating.

The analyst comments "Zscaler reported a solid Q3 with organic ARR growth consistent q/q. That said, the company maintained FY organic ARR guidance despite outperformance and introduced preliminary FY/27 ARR/revenue growth of 16-17%, below expectations. FY/26 and FY/27 prudence was largely driven by sales leader exits, which could cause some GTM disruption. We believe the 16-17% starting point is biased upward, especially in light of Mythos-related tailwinds we believe could materialize next year. Overall, we remain comfortable with Zscaler's organic trajectory as it address a large and growing market with an expanding platform."