Canaccord Genuity Lifts Zscaler (ZS) Price Target amid Looming $100B Market Opportunity

Zscaler Inc. (NASDAQ:ZS) is one of the top cybersecurity stocks to consider for investment right now. On September 4, Canaccord Genuity reiterated a ‘Buy’ rating on the stock and lifted the price target to $340 from $320. The price target hike follows strong price action that has seen the stock rally by 72% year to date.

Canaccord Genuity Lifts Zscaler (ZS) Price Target amid Looming $100B Market Opportunity

According to Canaccord Genuity, Zscaler’s impressive market run stems from its robust technology moat, which strengthens its prospects in the cybersecurity space. Additionally, the company is benefiting from strong platform uptake, which continues to improve its market prospects.

Additionally, Zscaler’s long-term outlook remains strong, owing to multiple industry tailwinds, including cloud migration, security modernization, and the accelerated adoption of Zero Trust Principles. An increase in spend per customer has created a serviceable addressable market of over $100 billion, which Canaccord Genuity expects the company to capitalize on.

Zscaler Inc. (NASDAQ:ZS) is a cloud-based cybersecurity company that provides secure internet and application access for enterprises through its Zero Trust Exchange platform. It offers security services, including cloud firewalls, data loss prevention, and zero-trust network access (ZTNA), by routing user and application traffic through its global network of data centers.

While we acknowledge the potential of ZS to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than ZS and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.