Okta price target raised to $130 from $105 at BMO Capital

BMO Capital raised the firm’s price target on Okta (OKTA) to $130 from $105 and keeps a Market Perform rating on the shares. The firm had been skeptical on Okta’s ability to execute, including for product expansions, but given the solid execution in Q4 and the management’s FY25 RPO – Remaining performance obligations -growth, the firm is shifting its bias to positive even after the recent run-up, the analyst tells investors in a research note. The identity market is also poised for sustained growth and convergence, which is a tailwind for Okta, the firm added.