Zscaler (ZS) is poised to accelerate billings growth in fiscal years 2025 and 2026 with improved sales execution, momentum in emerging products and easier comparisons in H1 of fiscal 2026, Oppenheimer said in a note on Friday.
Changes under Chief Revenue Officer Mike Rich, including pipeline expansion and improved large-deal activity, have reduced execution risk, and with new sales representatives ramping productivity, upward revisions to estimates are expected, according to the firm.
Oppenheimer said Zscaler continues to secure wins despite persisting competition concerns, especially within the Fortune 100, where it competes with large vendors like Palo Alto Networks (PANW) and Fortinet (FTNT).
"We believe competition concerns are overblown and unproven," Oppenheimer added.
Oppenheimer has an outperform rating on Zscaler's stock with a price target of $250.
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