Okta initiated with an Outperform at Scotiabank

Scotiabank analyst Patrick Colville initiated coverage of Okta with an Outperform rating and $90 price target. The analyst states that his checks are positive on Okta’s "leading technology" in workforce identity along with its emerging opportunity in customer identity which he estimates to be around $12B. Colville adds that his fieldwork suggests that the adoption of Okta’s Identity Governance should be "healthy", forecasting the product to contribute 14% of incremental revenue through 2024.