After revisiting commentary from Okta‘s (OKTA) CFO from fiscal Q1 earnings, Stifel analyst Adam Borg is lowering the firm’s fiscal Q3 current remaining performance obligation estimate as well as cutting its cRPO estimates for several other future periods. The firm now forecasts Q3 cRPO of $2.2B, implying 7.8% year-over-year growth, which it believes “will ultimately prove conservative,” but also believes to be “in the realm of where Okta will guide” Q3 cRPO. The firm maintains a Buy rating and $130 price target on Okta shares.
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