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Here's Why Wells Fargo Continues To Recommend Zscaler As A 'Top Pick'

Here's Why Wells Fargo Continues To Recommend Zscaler As A 'Top Pick'

这就是为什么富国银行继续推荐Zscaler为最佳选择的原因
Benzinga Real-time News ·  2022/09/26 13:04
  • Wells Fargo analyst Andrew Nowinski recently had the opportunity to travel with Zscaler, Inc (NASDAQ:ZS) management and came away with a better understanding of the importance of improving channel dynamics.
  • Traditional resellers like Optiv and system integrators like Accenture plc (NYSE:ACN) were more engaged with the company and were originating more deals than just fulfilling orders.
  • He believes these changes will drive long-term growth.
  • Also Read: Analysts Slash Accenture's Price Targets Over Softer Booking Potential, Guidance & Economic Weakness
  • Management also reiterated their commitment to expanding the operating margin and will increase focus on profitability if the macro worsens.
  • Based on last week's commentary from channel partners at the CrowdStrike Holdings, Inc (NASDAQ:CRWD) event, he believes overall demand could improve relative to June/July trends.
  • If demand has improved, Zscaler's billings and revenue guidance for 1Q23 could prove conservative.
  • As such, he reiterated an Overweight rating and $225 price target and continues to recommend ZS as a top pick.
  • His price target multiple is a premium to the peer group average of 12.4x, but higher long-term growth assumptions justify it.
  • Analysts had bumped Zscaler's price targets after it reported better-than-expected Q4 results and issued sales guidance above estimates.
  • Price Action: ZS shares traded higher by 1.27% at $160.71 on the last check Monday.
  • 富国银行分析师安德鲁·诺文斯基最近有机会与Zscaler，Inc.纳斯达克(Tmall：ZS)管理层对改善渠道动态的重要性有了更好的理解。
  • Optiv等传统经销商和系统集成商埃森哲(纽约证券交易所股票代码：ACN)更多地与该公司接触，发起了更多交易，而不仅仅是履行订单。
  • 他认为，这些变化将推动长期增长。
  • 也请阅读: 分析师大幅下调埃森哲的目标价，原因是预订潜力、指引和经济疲软
  • 管理层还重申了扩大营业利润率的承诺，如果宏观形势恶化，他们将更加关注盈利能力。
  • 根据上周渠道合作伙伴在CrowdStrike控股公司在纳斯达克(Sequoia Capital：CRWD)活动期间，他认为整体需求可能会相对于6/7月的趋势有所改善。
  • 如果需求有所改善，Zscaler对2013年第一季度的账单和收入指引可能被证明是保守的。
  • 因此，他重申了增持评级和225美元的目标价，并继续推荐ZS作为首选。
  • 他的目标市盈率高于同行12.4倍的平均市盈率，但更高的长期增长假设证明了这一点。
  • 在Zscaler公布了好于预期的第四季度业绩并发布了高于预期的销售指引后，分析师们上调了Zscaler的目标价。
  • 价格行动：ZS股价周一收盘时上涨1.27%，至160.71美元。
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