Zscaler is rated a Buy, benefiting from robust AI-driven security demand and a credible path to double ARR by 2031. ZS's ARR reached $3.8B last quarter, up 25% YoY, with expanding margins and strong operating leverage supporting long-term growth. Competitive risks from Palo Alto and Microsoft persist, but ZS's high switching costs, deep enterprise integration, and global infrastructure provide durable moats.
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