KeyBanc lowered its price target for cybersecurity firm Zscaler (ZS) to $176 from $190. The firm issued this adjustment on June 25, 2026. KeyBanc maintained an "Overweight" rating on the stock. This adjustment represents a 7.4% decrease in the firm's price projection.
KeyBanc included this revision in a broader adjustment of targets across the security, data, and AI software sectors. The change reflects findings from KeyBanc's recent chief investment officer survey. The survey indicated a widening gap in IT budgets. It also noted a significant jump in the priority of AI and AI-readiness spending. Despite the target reduction, the firm continues to recommend investors stick with names in the security space.