As previously reported, Canaccord upgraded Okta (OKTA) to Buy from Hold with a price target of $120, up from $115, ahead of earnings. The analyst’s conversations indicate that the calendar Q2 strength for the software group has continued into July and the analyst is “generally constructive” on demand trends for the firm’s coverage heading into the print. Given the current valuation, the firm sees a favorable risk/reward, the analyst added. Okta is scheduled to report fiscal Q2 earnings on August 26.
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