What happened Shares of Zscaler (NASDAQ: ZS) have popped today, up by 6% as of 12:20 p.m. EDT, after the company received a bullish initiation from a Wall Street analyst. RBC Capital kicked off coverage of Zscaler with an outperform rating alongside a $130 price target. So what Analyst Matthew Hedberg believes that Zscaler is well positioned to disrupt the $20 billion market for legacy cybersecurity services. The coronavirus outbreak has likely accelerated existing trends that will benefit the cloud security tech company, according to Hedberg. Image source: Zscaler. "We believe Zscaler is a disruptor in cloud-based security that could see mega-trends accelerate by five years post-COVID," the analyst wrote in a research note to investors. "And while the stock is +137% YTD, we believe Zscaler should remain part of a disruptive growth portfolio as we see the company as part of a next-gen tech stack that could expand the [total addressable market] beyond current estimates and point to continued upside to revenue/profitability estimates over several years." Now what COVID-19 has accelerated many existing secular trends in technology, such as a broad shift to remote work and increased demand for things like e-commerce and other cloud services. That has subsequently translated into strong demand for services that support companies embarking on digital transformations -- like cybersecurity, for example. Longer-term, RBC Capital believes that spending on cloud security offerings could rise from $20 billion to over $35 billion by 2024. 10 stocks we like better than ZscalerWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Zscaler wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of June 2, 2020 Evan Niu, CFA has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Zscaler. The Motley Fool has a disclosure policy.Source