Okta price target raised to $80 from $70 at RBC Capital

RBC Capital analyst Matthew Hedberg raised the firm’s price target on Okta to $80 from $70 and keeps an Outperform rating on the shares. The company’s Q3 results were "solid" considering that the macro backdrop continues to worsen as performance benefited from better sales execution and success with larger deals, the analyst tells investors in a research note. Preliminary FY24 guidance was lower than expectations but the outlook is "conservative" and creates an attractive setup for upside, Hedberg adds.