Okta, Inc (OKTA) PT Lowered to $92 at Mizuho

Mizuho analyst Gregg Moskowitz lowered the price target on Okta, Inc (NASDAQ: OKTA) to $92.00 (from $104.00) while maintaining a Neutral rating.

The analyst commented: "This week we attended Oktane24, OKTA's annual user conference held in SF, along with an investor Q&A session. The co. announced several platform enhancements and solutions, including a GenAI-based authentication offering and a new developer portal. Meanwhile, our checks from the event were generally mixed.

More broadly, OKTA remains a clear leader in the critically important identity management market, and valuation is certainly undemanding. At the same time, OKTA continues to face increasing competitive pressure from MSFT, execution has been choppy over the past few years, and we continue to lack confidence in a sustainable fundamental turnaround at this time. We maintain our Neutral rating and lower our PT to $92 (was $104) as we apply a modestly lower multiple to our recently reduced estimates following OKTA's F2Q report."

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