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Okta Analyst Knocks Off Price Target By 13%, Courtesy Microsoft

BMO Capital analyst Keith Bachman maintained Okta Inc (NASDAQ:OKTA) with an Outperform and lowered the price target from $125 to $110 ahead of…
byAnusuya Lahiri
August 29, 2022
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  • 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.
 
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