Needham keeps a Buy rating on Okta with a $100 price target into the company’s fiscal Q2 results. The company’s revenue growth guidance assumes the macro environment further deteriorated in Q2 across both Workforce and Customer Identity, which is conservative, the analyst tells investors in a research note. The firm says its Q2 checks and cybersecurity earnings reports so far “have emitted tones of stabilization,” which should bode well for Okta as the independent leader in a critical identity security market.
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