Shares of Okta (NASDAQ:OKTA) are higher today, which can be attributed to an analyst upgrade on top of excellent earnings. Shaul Eyal of TD Cowen changed his rating from Hold to Buy while assigning a price target of $100 per share. For reference, his previous price target was $70.
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Eyal was impressed with Okta’s earnings report and liked the fact that the company was focusing on profitable growth and healthy trends. Other analysts reiterated their Buy ratings on the stock, with a couple keeping their Hold ratings.
Overall, analyst consensus considers OKTA stock as a Moderate Buy based on 15 Buys, four Holds, and two Sells assigned in the past three months. In addition, the average price target is $83.57 per share, which implies less than 10% upside potential from current levels.
