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BMO upgrades ZScaler to outperform after earnings beat, says stock can rise 30%

Zscaler rings the opening bell at the Nasdaq exchange in New York, March 16, 2018.

Source: Nasdaq

The roll out of new products should help ZScaler grab additional market share in the fast-growing network security industry, according to BMO Capital Markets.

Analyst Keith Bachman upgraded the network security stock to outperform from market perform, saying in a note to clients on Tuesday night that the company had a pathway for “durable growth.”

The company released its fiscal third-quarter results on Tuesday, reporting 15 cents in adjusted earnings per share on $176.4 million in revenue. Both numbers were comfortable above what analysts were expecting, according to Refinitiv.