Okta price target lowered to $85 from $95 at Oppenheimer

Oppenheimer analyst Ittai Kidron lowered the firm’s price target on Okta to $85 from $95 and keeps an Outperform rating on the shares. The analyst notes Okta delivered solid results and Q4 guidance, including early signs of improvement in sales attrition/GTM strategy, overcoming challenges that recently presented themselves. However, a worsening macro environment with demand slowdown for SMB customers in North America led management to provide tepid fiscal 2024 revenue guidance and refrain from providing long-term targets.