Okta price target raised to $93 from $90 at Mizuho

Mizuho raised the firm’s price target on Okta to $93 from $90 and keeps a Buy rating on the shares. The analyst says the company executed much better this quarter, as total revenue growth of 23% year-over-year easily exceeded the Street’s 18% forecast. In addition, Okta’s billings and revenue performance obligation growth were well above Street expectations, the analyst tells investors in a research note. The firm continues to find the stock’s medium-term risk/reward as “very favorable” at current levels.