JPMorgan upgrades Okta on attractive risk/reward after outlook

JPMorgan upgraded Okta (OKTA) to Overweight from Neutral with an unchanged price target of $100. The company reset expectations with a conservative initial look at fiscal 2025 revenue growth this quarter and now the stocks’ risk/reward is attractive as identity us “moving up the priority stack,” the analyst tells investors in a research note. The firm says Okta is a leader in identity management solutions, one of the most significant pure-play security cloud vendors in the space. It thinks the company’s initial 7% growth expectations set a conservative bar for growth in fiscal 2026. JPMorgan sees potential for meaningful improvement in Okta’s fundamental performance and multiple expansion with execution.