** Cloud security firm Zscaler's shares gain 2.7% to $177.70 premarket
** Brokerage Keybanc upgrades company's shares to "overweight"
** Competitive concerns from rivals such as Microsoft
and Cisco among others, that could impact company's sales cycles are easing - brokerage
** Brokerage sees catalysts to Zscaler's secure access service edge (SASE) adoption as ongoing firewall weakness suggests security budgets orienting toward SASE products
** Keybanc's Q1 survey showed ZS as best positioned SASE vendor
** 35 brokerages rate the stock as "buy" or higher, and 9 "sell"; median PT $265 - LSEG
** Stock, which nearly doubled in 2023, has fallen 21.9% so far this year
(Reporting by Purvi Agarwal in Bengaluru)
((Purvi.Agarwal@thomsonreuters.com))
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