Evercore upgrades Okta to In Line, says ‘all about execution from here’

As previously reported, Evercore ISI upgraded Okta to In Line from Underperform with a price target of $75, up from $65, stating after the company’s Q2 report that the firm is “a lot more optimistic that most of the concerns that were underlying our underperform thesis” have either played out or are actively being addressed. given the business seems to be stabilizing, the firm believes the risk/reward is more balanced at these levels and contends that it’s “now all about execution.” While adding that the firm doesn’t necessarily see a catalyst on the horizon to drive a re-rating in shares, the analyst says the upcoming customer conference in October “could help reaffirm that the business is trending in the right direction.”