Okta price target raised to $60 from $45 at DA Davidson

DA Davidson analyst Rudy Kessinger raised the firm’s price target on Okta to $60 from $45 but keeps a Neutral rating on the shares. The company’s Q3 results were "solid" with significant operating margin improvement, though the outlook for FY24 revenue growth of 16%-17% is less than expected as macro conditions are having a much greater impact, particularly within the SMB segment, the analyst tells investors in a research note. Sales attrition at Okta has come down significantly and integration issues have improved modestly, but average tenure in the sales force remains short, Kessinger adds.