Core Viewpoint - Mizuho upgraded Zscaler to Outperform from Neutral with a price target of $310, citing an improved risk-reward profile after a significant stock decline [1] Group 1: Stock Performance and Analyst Insights - Zscaler shares have weakened significantly despite a solid fiscal first-quarter performance, with fiscal second-quarter net new ARR guidance slightly below prior levels [2] - The recent acquisition of Red Canary did not contribute to the guidance, indicating a need for greater transparency regarding Zscaler's organic growth outlook [2] - The stock has declined approximately 31% since the end of October and 21% since the fiscal first-quarter earnings, suggesting that investors are now well compensated for the uncertainty [3] Group 2: Market Position and Valuation - Mizuho remains confident in Zscaler's strong positioning within the SASE and Zero Trust markets [3] - Zscaler is trading at a peak year-to-date EV-to-ARR discount relative to peers, highlighting a favorable valuation [3] - The company has a superior Rule of 50 score compared to many other high-growth software companies, reinforcing its competitive advantage [3]

Core Viewpoint - BTIG identifies Zscaler as the top large-cap pick and Netskope as the top small-cap pick in the security and infrastructure software sector for the first half of 2026, with other recommended stocks including Snowflake, SailPoint, and Datadog [1] 2025 Review - The security and infrastructure software sector faced challenges in 2025, with a median return of -0.8%, significantly lagging behind the Nasdaq index, which rose by 22% [2] - The best-performing companies included Cloudflare, MongoDB, CrowdStrike, Snowflake, and CyberArk Software, all expected to benefit from AI in various ways [2] - Poor performers were typically single-solution providers in commoditized markets or those facing adverse AI-related factors [2] 2026 Outlook - The cybersecurity sector is expected to stabilize, with projected growth of 16% in 2025 and similar growth anticipated for 2026 [4] - Key areas of focus include cloud security, security services, and identity authentication, with ongoing market disruption opportunities in the SIEM sector [4] - Despite the importance of AI security, most organizations are expected to rely on existing vendor solutions for AI workload protection in the next 12 to 18 months [4] - Top AI-related picks include Netskope, SailPoint, Cloudflare, Zscaler, Palo Alto Networks, and CrowdStrike [4] - The integration of platforms remains a primary theme, with a preference for companies with strong multi-product portfolios that can drive adoption across similar or adjacent procurement centers [4] Observability Sector - There is optimism in the observability space, with clients prioritizing vendor integration, benefiting companies like Datadog and Dynatrace [5] - The influx of AI-related workloads is expected to create favorable conditions for vendors [5] Competitive Landscape - Palo Alto's acquisition of Chronosphere introduces a potential disruptive catalyst in the observability market, although previous aggressive pricing strategies in other verticals did not significantly impact market leader CrowdStrike [6] - Similar competitive dynamics are observed in the observability sector with Datadog and Dynatrace [6]

12月15日，摩根士丹利分析发现，永续基金——透过依据环境、社会与公司治理(ESG)标准筛选公司与 资产，以同时追求财务回报与正面社会影响的投资产品，在网络安全领域的配置仍低于基准指数 MSCI 全球所有国家指数的比重。与核心AI相关公司相比，这一差距甚至更大，显示网络安全仍具潜在的投 资机会。分析师认为，AI与网络安全的增长动能，为网络安全公司提供长期成长的催化剂，进一步凸 显投资价值。 这两大趋势预计将推动专注于网络安全的企业长期成长，该领域的总可服务市场将从目前约2700亿美 元，扩大至2028年的3770亿美元。这意味着三年间的年复合增长率约为12%，其中云端安全被视为网络 防护中增长最快的领域。 分析师对多家相关公司给予"增持"评级，包括Netskope、Okta、Palo Alto Networks、Varonis Systems以 及Zscaler。在网络保险公司中，偏好总部位于伦敦的Beazley。 美股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 ...

Core Insights - Morgan Stanley's analysis indicates that perpetual funds, which select companies and assets based on Environmental, Social, and Governance (ESG) criteria while seeking financial returns and positive social impact, have a lower allocation in the cybersecurity sector compared to the MSCI All Country World Index [1] - The gap in allocation is even larger when compared to core AI-related companies, highlighting the potential investment opportunities in cybersecurity [1] - The growth momentum of AI and cybersecurity is expected to provide long-term growth catalysts for cybersecurity companies, further emphasizing their investment value [1] Industry Summary - The total addressable market for cybersecurity is projected to grow from approximately $270 billion to $377 billion by 2028, representing a compound annual growth rate (CAGR) of about 12% over three years [1] - Cloud security is identified as the fastest-growing area within cybersecurity [1] Company Ratings - Analysts have given "overweight" ratings to several companies in the cybersecurity sector, including Netskope, Okta, Palo Alto Networks, Varonis Systems, and Zscaler [1] - Among cybersecurity insurance companies, preference is given to Beazley, which is headquartered in London [1]

Group 1 - The article discusses the investment strategy of a boutique family office fund led by Amrita, focusing on sustainable, growth-driven companies that maximize shareholder equity [1] - Amrita has a background in high-growth supply-chain start-ups and has experience working with venture capital firms, which has contributed to her investment acumen [1] - The newsletter "The Pragmatic Optimist," co-founded by Amrita, aims to simplify financial literacy and macroeconomic concepts for a broader audience, enhancing understanding of investment strategies [1] Group 2 - The article mentions a long position in Zscaler (NASDAQ: ZS) as part of the investment strategy, indicating confidence in the stock's potential [2] - The disclosure emphasizes that the opinions expressed are personal and not influenced by any business relationships with the companies mentioned [2]

Core Viewpoint - Zscaler Inc. has experienced a significant decline in its stock price, dropping nearly 30% in a few weeks after a strong rally earlier in the year, raising concerns about its long-term growth potential [1][5] Financial Performance - The company's recent earnings report showed solid revenue growth and better-than-expected guidance, but continued operating losses overshadowed these positive aspects [2][3] - Despite beating expectations on headline numbers, the stock's performance has been negatively impacted by market sentiment and valuation concerns [3][5] Analyst Sentiment - Many analysts still view Zscaler as a compelling long-term investment opportunity, with some projecting a potential upside of up to 60% from current levels [5] - Negative updates from analysts, including a downgrade from Bernstein, have contributed to the bearish sentiment surrounding the stock, with concerns about its growth potential being labeled as "challenged" [4] Technical Analysis - The stock has seen a significant technical breakdown, starting its decline from around $330, with little resistance until it fell below $240 [4] - Recently, the stock has shown signs of stabilizing around the $240 level, indicating potential for future movement [4]

Group 1 - Zscaler (ZS) has experienced a significant pullback in the past quarter, which may attract attention from investors who previously avoided the stock during the summer months [1] - The investment strategy focuses on identifying undervalued companies with secular growth potential, emphasizing strong balance sheets and management teams [1] - The investment group led by Julian Lin aims to deliver large alpha relative to the S&P 500 by combining growth-oriented principles with strict valuation hurdles [1] Group 2 - The article does not provide any specific financial data or performance metrics related to Zscaler or other companies mentioned [2][3]

Core Insights - The S&P 500 is nearing all-time highs as 2025 approaches, largely driven by a concentrated group of large-cap tech stocks involved in the AI sector [1] Group 1: Market Performance - The gains in the S&P 500 are significantly tied to large-cap tech stocks that are heavily engaged in the AI trade [1] Group 2: Analyst Background - Gary Alexander has extensive experience in covering technology companies on Wall Street and has worked in Silicon Valley, providing insights into current industry themes [1]

Group 1 - The S&P 500 is nearing all-time highs as 2025 approaches, largely driven by a concentrated group of large-cap tech stocks involved in the AI trade [1] - The gains in the S&P 500 are not broadly shared across all sectors, indicating a potential concentration risk within the market [1] Group 2 - Gary Alexander has extensive experience in covering technology companies and has been involved with several seed-round startups, providing insights into current industry themes [1]

Core Insights - The Barclays Tech Conference features a session with Zscaler's team, including the Chief Financial Officer and Investor Relations representatives [1][2] Group 1 - The session is structured to include a fireside chat with the CFO, Kevin Rubin, lasting approximately 20 to 25 minutes [2] - The conference encourages interactivity, inviting attendees to ask questions during the session [2]