Okta price target lowered to $130 from $135 at Mizuho

Mizuho lowered the firm’s price target on Okta (OKTA) to $130 from $135 and keeps an Outperform rating on the shares. The company reported a solid start to its fiscal year but the Q2 remaining performance obligation guidance was below the Street, the analyst tells investors in a research note. In addition, management only reiterated its full-year outlook as it is now embedding potential macro risks in its forecast, notes Mizuho. However, the firm believes Okta will increasingly benefit from its group of newer products that have already begun to drive a meaningful contribution.