Wells Fargo sees a path to "sustainable, profitable +30% growth" for Zendesk (NYSE:ZEN).
The firm thinks ZEN can "expand operating margins into the mid-to-high teens over the next five years," and that possibility isn't reflected in the current valuation.
Wells maintains an Outperform rating and $115 PT.
ZEN shares are down 1.2% to $87.93.
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