CrowdStrike's, Zscaler's stocks nab buy upgrades in rocky cybersecurity market

Some of the cybersecurity sector’s biggest winners this year can keep powering higher, according to a Jefferies analyst who shook up his ratings on a handful of key stocks Thursday.

While Gallo previously worried that CrowdStrike Holdings Inc. CRWD, -1.74% could face revenue headwinds this year, he now has a more upbeat view of the company’s prospects. He also adopted a rosier view of shares of Zscaler Inc. ZS, -0.78%, writing that the company is “best placed for the distributed and cloud-based world.”

Both CrowdStrike and Zscaler shares have outperformed those of Fortinet Inc. FTNT, +0.17% so far this year, and Gallo expects that trend to continue. He lowered his rating on Fortinet’s stock to a hold from a buy and cut his price target to $65 from $85, saying that he expects “at least” several quarters of headwinds for the company, including weak spending from small and medium-sized businesses along with “hardware digestion,” the industry term for oversupply that hampers sales.

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