- BMO Capital analyst Keith Bachman maintained Okta Inc OKTA with an Outperform and lowered the price target from $125 to $110 ahead of its Q2 earnings this week.
- Bachman cited the improved capabilities and employee market wins by Microsoft Corp MSFT, which he continues to see as becoming a more formidable competitor in the workforce segment, driving his price target cut.
- Bachman adds that Okta will continue to incur substantial losses through FY24, partially driven by the state of competition.
- He believes Okta is well-positioned to benefit from the ongoing shift to the cloud.
- He also believes the identity market offers meaningful, sustained growth, particularly with the development of consumer identities.
- Price Action: OKTA shares traded lower by 3.19% at $90.50 on the last check Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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