Okta initiated with a Buy at UBS

UBS initiated coverage of Okta with a Buy rating and $100 price target. The firm sees Okta being well positioned to benefit from continued identity tailwinds, supported by checks across the customer and partner community that highlight strong identity spending intentions. The firm expects Okta will be able to reaccelerate revenue growth in calendar 2024 off "a 2023 dip," while also driving material margin expansion and argues that the stock "offers a compelling mix of growth and improving profitability not fully priced into shares today."