- BMO Capital analyst Keith Bachman maintained Okta Inc (NASDAQ: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 (NASDAQ: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.
Bitcoin Edges Lower; Conflux, Sui Among Top Losers
Bitcoin (CRYPTO: BTC) edged lower, with the cryptocurrency prices trading below the $28,400 level on Wednesday.
Ethereum (CRYPTO: ETH), also fell slightly, trading below the key $1,600 mark this morning.
