Okta price target raised to $103 from $95 at KeyBanc

KeyBanc analyst Eric Heath raised the firm’s price target on Okta (OKTA) to $103 from $95 and keeps an Overweight rating on the shares. Given the timing of Mythos in early April, KeyBanc expects off-quarter security earnings to be broadly healthier than on-quarter, even though it didn’t necessarily pick up any direct benefit from Mythos within the April quarter. Based on recent customer conversations, however, Mythos is driving a meaningful increase and/or pull-forward of spend. KeyBanc is raising price targets given its improved outlook on security demand going forward.