© Reuters. Wall Street analysts downgrade Okta (OKTA) as financial performance reflects the ‘impact of recent high-profile breaches’
Okta, Inc. (NASDAQ:) shares were downgraded by analysts at TD Cowen, Wells Fargo and KeyBanc in noted over the last couple of days following its latest earnings release.
Analysts at TD Cowen lowered the stock to Market Perform from Outperform, lowering the price target to $74 from $100 per share. The firm said OKTA’s guidance indicates deceleration.
“We are downgrading OKTA to Market Perform from Outperform and lowering our price target to $74 from $100 following 3Q24 results that indicate a top-line deceleration heading into FY25 (FYE Jan ’25),” said the analysts. “OKTA’s financial performance is reflecting the impact of recent high-profile breaches involving the company’s solutions, and we believe the stock remains range bound until cRPO growth can reaccelerate.”
Analysts at Wells Fargo lowered its rating on the company to Equal Weight from Overweight, cutting the price target to $70 from $80 per share. “We believe Okta’s focus on margin expansion at a critical time like this is an oversight. We believe the company should be more…
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