Analyst Shaul Eyal of TD Cowen maintained a Hold rating on Okta, retaining the price target of $115.00.
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Shaul Eyal has given his Hold rating due to a combination of factors influencing Okta’s current and future performance. The company is expected to deliver another strong quarter, driven by effective sales strategies and a robust demand for identity solutions. However, the competitive landscape and operational challenges, such as the offshoring of engineering functions to lower-cost regions, present potential risks that temper the overall growth outlook.
Despite these challenges, Okta’s strategic moves, including cost-cutting measures and leveraging operational efficiencies, are expected to support sustained growth. The company’s proactive approach in addressing operational expenses and the vibrant demand environment in identity solutions are positive indicators. Nonetheless, these factors are balanced by the uncertainties and competitive pressures, leading to a Hold rating with a price target of $115.
In another report released today, Barclays also maintained a Hold rating on the stock with a $95.00 price target.