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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'

這就是為什麼富國銀行繼續推薦Zscaler為最佳選擇的原因
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.
  • 富國銀行分析師安德魯·諾文斯基最近有機會與Zscaler，Inc.納斯達克(Tmall：ZS)管理層對改善渠道動態的重要性有了更好的理解。
  • Optiv等傳統經銷商和系統集成商埃森哲(紐約證券交易所股票代碼：ACN)更多地與該公司接觸，發起了更多交易，而不僅僅是履行訂單。
  • 他認為，這些變化將推動長期增長。
  • 也請閲讀: 分析師大幅下調埃森哲的目標價，原因是預訂潛力、指引和經濟疲軟
  • 管理層還重申了擴大營業利潤率的承諾，如果宏觀形勢惡化，他們將更加關注盈利能力。
  • 根據上週渠道合作伙伴在CrowdStrike控股公司在納斯達克(Sequoia Capital：CRWD)活動期間，他認為整體需求可能會相對於6/7月的趨勢有所改善。
  • 如果需求有所改善，Zscaler對2013年第一季度的賬單和收入指引可能被證明是保守的。
  • 因此，他重申了增持評級和225美元的目標價，並繼續推薦ZS作為首選。
  • 他的目標市盈率高於同行12.4倍的平均市盈率，但更高的長期增長假設證明瞭這一點。
  • 在Zscaler公佈了好於預期的第四季度業績併發布了高於預期的銷售指引後，分析師們上調了Zscaler的目標價。
  • 價格行動：ZS股價週一收盤時上漲1.27%，至160.71美元。
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