Okta price target lowered to $70 from $85 at RBC Capital

RBC Capital analyst Matthew Hedberg lowered the firm’s price target on Okta to $70 from $85 to reflect peer multiple compression but keeps an Outperform rating on the shares following its investor day presentation. The analyst states that he liked seeing a greater level of clarity in Okta’s long-term vision, which should ultimately help drive better execution, adding that he views the company as "increasingly compelling".