Okta price target raised to $135 from $110 at Jefferies

Jefferies raised the firm’s price target on Okta (OKTA) to $135 from $110 and keeps a Hold rating on the shares. Fiscal Q1 cRPO guidance of 12% year-over-year growth “looks prudent” and the firm expects a near 3% beat, but shares are up 57% year-to-date, raising the bar, and the “bogey” is likely a 3% beat, the analyst tells investors in a preview. The firm remains positive on Okta’s long-term strategic vision, but views the current valuation as “fair,” the analyst added.