Berenberg anlayst Joshua Tilton upgraded Zscaler (ZS) to Buy from Hold while lowering his price target for the shares to $60 from $78. After surviving 30 Zscaler current and future customers at last week's user conference, the analyst believes the Palo Alto Networks (PANW) competition concern "is noise." Customer feedback points to continued sustained growth for Zscaler as the company has "superior technology relative to legacy competition," Tilton tells investors in a research note. Following the recent pullback in the shares, the analyst has increased confidence in the sustainability of the multiple.