D.A. Davidson 首次覆盖 Zscaler 给予中性评级、目标价125美元，认为估值已接近充分

Zscaler ( ZS ) was in the spotlight as D.A. Davidson started coverage on the cybersecurity firm with a Neutral rating and a $125 price target. Shares were fractionally higher in premarket trading. “ZS remains a market leader in [Secure Access Service Edge], but increasing competition & commoditization will be persistent growth headwinds for SASE for users (74% of ARR) in our view,” analyst Rudy Kessinger wrote in a note to clients. [Secure Access Service Edge] for Branch & Cloud, Data Security, & Security for AI [represents] much more attractive growth opportunities that should help ZS deliver durable high-teens ARR growth, but reacceleration, which we believe is needed for shares to re-rate, appears difficult to come by. We will thus await a more attractive entry point as we find shares close to fully valued at ~33x EV/CY27 FCF.”