Okta price target raised to $90 from $75 at DA Davidson

DA Davidson raised the firm’s price target on Okta (OKTA) to $90 from $75 and keeps a Neutral rating on the shares. The company’s Q3 results saw “strong upside” against “very conservative” guidance, with cRPO – Current Remaining Performance Obligation – up 13% y/y, in line with last quarter, the analyst tells investors in a research note. The firm adds however that Okta’s net new logo adds remain very weak, and its dollar-based net retention rate – DBNRR – declined to 108%, with further declines expected in Q4.