Okta added to ‘Tactical Underperform’ list at Evercore ISI

Evercore ISI is adding Okta (OKTA) to the firm’s “Tactical Underperform” list in light of last weeks reported data breach, the analyst tells investors in a note partially titled “There Is Such A Thing As Bad Publicity.” This event marks the second major breach in about two years, says the analyst, who also highlights Okta’s connection to the recent MGM Resorts (MGM) and Caesars (CZR) attacks. Preliminary reports from last week’s incident would indicate a delayed response from Okta and the “presence of headlines regarding these incidents appears to be prompting customers to ask additional questions,” says the analyst, who has an In Line rating and $75 price target on Okta shares.