Zscaler could benefit from the growth of an emerging form of cybersecurity, according to Barclays.
The firm upgraded the cloud security stock to overweight from equal weight and upgraded its price target to $190 from $176.
Analyst Saket Kalia said the company's growing Zscaler for Workloads platform as well as a growth opportunity in the secure access service edge (SASE) cybersecurity segment underpinned the upgrade.
The analyst added that growth in SASE cybersecurity could grow to become the same size or larger than regular network security protocols in three years, which could help propel Zscaler going forward.
ZS YTD mountain Zscaler in 2023 — CNBC's Michael Bloom contributed to this report.
Persons:
Saket Kalia, we're, Kalia, Zscaler, —, Michael Bloom
Organizations:
Barclays
Locations:
SASE