Okta price target lowered to $90 from $105 at Jefferies

Jefferies analyst Joseph Gallo lowered the firm’s price target on Okta (OKTA) to $90 from $105 and keeps a Hold rating on the shares ahead of the fiscal Q3 report. The firm expects the company’s remaining performance obligation to beat the guidance of $2.263B by 2%. Jefferies’ reseller survey showed improvement quarter-over-quarter, but Okta’s small business and government exposure “could constrain” the upside, the analyst tells investors in a research note. The firm sees a “tricky” setup into the Q4 outlook given a tough compare.