Okta added to ‘Tactical Outperform’ list at Evercore ISI

Evercore ISI is adding Okta to the firm’s “Tactical Outperform” list ahead of the company’s EPS call on May 29, telling investors that the firm’s positive outlook is driven by favorable sentiment from channel checks, “encouraging” discussions with customers and employees at RSA this year and “numbers that are likely de-risked based on the commentary we have picked up on.” The firm believes that “if we hear and see commentary and execution similar to the F4Q print” in February, which its checks suggest is likely, that the current valuation relative to the cybersecurity group and positive investment sentiment “could help initiate a potential re-rating.” The firm has an In Line rating and $102 price target on Okta shares.