Canaccord analyst T. Michael Walkley lowered the firm’s price target on Okta to $75 from $85 and keeps a Hold rating on the shares. The firm views Okta as a long-term beneficiary of Zero Trust adoption, given its positioning as a next-gen leader and consolidator in a large $80B TAM for Identity Security. However, given changes in leadership, sales attrition, and the challenging macro backdrop, Canaccord maintains its rating.
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