Okta price target lowered to $92 from $104 at Mizuho

Mizuho lowered the firm’s price target on Okta (OKTA) to $92 from $104 and keeps a Neutral rating on the shares after attending the company’s annual user conference. Okta remains a clear leader in the critically important identity management market, and the stock’s valuation is “certainly undemanding,” the analyst tells investors in a research note. However, the firm says the company continues to face increasing competitive pressure from Microsoft (MSFT), execution has been choppy over the past few years, and that it continues to lack confidence in a sustainable fundamental turnaround at this time.