Okta keeps an Underperform rating and $64 price target on Okta, saying the company’s Q2 results were above consensus, but its Q3 cRPO guidance keeps the firm cautious. While guidance may seem conservative, saturation among the existing customer base and one-off tailwinds in Q2 may put additional pressure on growth in Q3. Further, the firm warns growth challenges may not be over and believes the company faces both cyclical and internal headwinds.
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