Okta price target lowered to $65 from $98 at Citi

Citi analyst Fatima Boolani lowered the firm’s price target on Okta to $65 from $98 and keeps a Neutral rating on the shares following the investor day. Despite a thin slate of new product launches, and mostly evolutionary platform enhancements, Okta showcased a "crisper and clearer" two cloud identity security platform strategy, Boolani tells investors in a research note. The analyst says the lack of tangible free cash flow support, seat-based model risks and dilution keep her on the sidelines.