Okta upgraded to Outperform from Market Perform at TD Cowen

TD Cowen upgraded Okta to Outperform from Market Perform with a price target of $100, up from $70. The company reported "strong" Q4 results and improved fiscal 2024 guidance, the analyst tells investors in a research not. The firm says the focus is shifting to Okta’s profitable growth as its operating and free cash flow margin should dramatically expand in 2024 on the heels of cost management. The company is seeing ongoing healthy trends across the identity arena given its mission criticality, adds the firm.