Zscaler: Takes from our fieldwork at Zenith Live 26

Research evidence excerpt

Zscaler: Takes from our fieldwork at Zenith Live 26

Deutsche Bank

Research

Rating Company Date

Buy Zscaler 10 June 2026

North America Reuters Bloomberg Rating Buy

United States ZS.OQ ZS US Price target (USD) 175.00 Price at 9 Jun 26 125.84

52-week range 336.27 – 118.05

TMT

Software Valuation & Risks

Takes from our fieldwork at Zenith Live 26

Brad Zelnick

We come away from Zenith Live 26 feeling even more optimistic on the long-term Research Analyst

+1-212-250-8563 trajectory for ZS, though more measured on the near-term path after speaking

with multiple leading partners. During the opening keynotes, CEO Jay Chaudhry Nasr Islam

and EVP AI Security and Strategic Initiatives Dhawal Sharma made a compelling Research Associate

case for ZS as the vendor of choice to secure AI through its lifecycle. Building on +1-212-250-6174

the January release of AI Protect, ZS announced Zero Trust for AI Agents

following the unveiling of a number of new features, including AI Broker, Endpoint

AI Security, and AI Access Graph. Following these announcements, ZS now has

one of the most comprehensive AI security platforms in the industry, testament

to mgmt.'s aggressive organic and inorganic investment strategy to position the

company at the forefront of this nascent market. Together with the recently

expanded AI-Guardian initiative, we remain optimistic that Zscaler will play a

meaningful role in enabling the safe adoption of AI - as validated by our fieldwork.

More immediately, though, our fieldwork leads us to reiterate our view that core

SSE is becoming increasingly saturated within large enterprise accounts. While

we come away less concerned on the scale of competitive displacements, this

implies that new business growth will likely require: (1) greater traction with fewer