Okta price target raised to $105 from $100 at Jefferies

Jefferies analyst Joseph Gallo raised the firm’s price target on Okta to $105 from $100 and keeps a Buy rating on the shares following a deep dive into the Customer Identity Access Management, or CIAM, opportunity. Okta continues to lead in developer CIAM mind share and CIAM represents an underappreciated opportunity for subscription upside, says the firm, which adds that its CIAM upside scenario implies 42% upside to Okta shares.