Bernstein upgraded Okta (OKTA) to Outperform from Market Perform with a price target of $129, up from $123. The “time is right to get incrementally bullish on Okta,” the analyst tells investors in a research note. The firm says the company continues to demonstrate strong demand and product pipeline to be cross-sold. While Okta continues to cycle its sales strategy, it has demonstrated an ability to really drive sustainable free cash flow margins, contends Bernstein. It sees line of sight to growth acceleration within four quarters, and anticipates margins will continue to expand.
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