SKN | Mizuho’s Top Technology Stocks: Snowflake, Zscaler, CrowdStrike, Palo Alto Networks and Salesforce

Key Takeaways:

• Mizuho identifies strong demand across data infrastructure, zero-trust security and cyber-resilience markets.
• Snowflake, Zscaler, CrowdStrike and Palo Alto Networks receive positive assessments based on quarterly channel checks and partner feedback.
• Salesforce also shows potential for stronger subscription commitments, supported by customer upselling and large renewal agreements.

Mizuho Identifies Leading Technology Opportunities

Mizuho has highlighted five technology companies demonstrating business momentum across enterprise software, artificial intelligence infrastructure and cybersecurity.

The assessment draws on quarterly channel checks and industry partner feedback, identifying demand for data warehousing, data modernization, zero-trust security and cyber-resilience solutions.

Snowflake, Zscaler, CrowdStrike and Palo Alto Networks received particularly positive feedback, while Salesforce showed a more mixed outlook supported by customer expansion and renewal activity.

Snowflake: Data Infrastructure and AI Demand

Analyst price target: $425

Snowflake is Mizuho’s top pick, supported by favourable partner feedback and strong demand for data warehousing and data modernization.

Adoption of CoCo is broadening, with applications expanding beyond migrations and data modelling into semantic layers, observability and AI application development.

Mizuho expects another quarter of above-average product revenue upside and maintains its $425 price target.

Zscaler: Continued Strength in Zero-Trust Security

Analyst price target: $235

Zscaler’s quarterly channel checks improved for the second consecutive quarter. Despite increasing competition, partners continue to regard the company as a leading provider of Secure Access Service Edge (SASE) and zero-trust security solutions.

Mizuho believes Zscaler could deliver greater annual recurring revenue upside than in recent quarters. Its price target remains unchanged at $235.

CrowdStrike: Enterprise Demand Supports Growth Expectations

Analyst price target: $275

CrowdStrike received strong partner feedback, particularly regarding large enterprise deals and continued adoption of Falcon Flex.

Mizuho also identified encouraging developments surrounding the Falcon Guardian module.

The firm expects meaningful upside against annual recurring revenue forecasts of $6.19 billion, representing nearly 26% year-over-year growth. Despite the stock’s 93% year-to-date gain, Mizuho maintains its $275 price target.

Palo Alto Networks: Subscription Portfolio Gains Momentum

Analyst price target: $415

Palo Alto Networks continues to demonstrate strong demand across its cybersecurity portfolio, particularly in XSIAM, Prisma SASE and Cortex subscriptions.

Partners also reported increased firewall purchasing activity, including transactions brought forward.

Mizuho expects total remaining performance obligations to exceed consensus growth expectations of 34% to 35% year over year. The firm maintains its $415 price target.

Salesforce: Renewal Activity Supports Subscription Outlook

Analyst price target: $280

Salesforce received more mixed feedback than the cybersecurity companies in Mizuho’s assessment. However, customer upselling remained solid, and partners identified several renewal agreements with annual contract values in the tens of millions of dollars.

Mizuho expects constant-currency current remaining performance obligations to exceed management’s 14% year-over-year guidance. The recent acquisitions of Fin and Contentful are also expected to provide additional support.

The firm maintains its $280 price target.

Closing Insights

Mizuho’s assessment highlights several areas of enterprise technology spending attracting investor attention, from AI-related data infrastructure to cybersecurity subscriptions and enterprise software renewals.

The strongest partner feedback was concentrated among Snowflake, Zscaler, CrowdStrike and Palo Alto Networks, while Salesforce presented a more mixed demand picture. The next earnings reports will provide a clearer indication of whether these operational trends translate into revenue growth, stronger recurring commitments and improved financial performance.

For investors, the distinction between channel momentum and confirmed financial results remains important when evaluating these companies.

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