Deutsche Bank analyst Brad Zelnick raised the firm’s price target on Okta to $90 from $80 and keeps a Buy rating on the shares. The analyst expects 2023 to be another volatile year for software stocks with investors seeking confirmation of a bottom as fundamentals "likely deteriorate further." The firm prefers earlier cycle names within software for 2023 over later ones, and tells investors to "selectively begin picking away at quality growth."
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on OKTA:
- Okta initiated with an Outperform at Scotiabank
- Okta price target raised to $80 from $72 at KeyBanc
- Cantor Fitzgerald software analysts to hold an analyst/industry conference call
- Okta says there will be some disruption from sales leadership changes
- authID integrates Verified CloudConnect with Okta Workforce Identity Cloud