Okta upgraded to Buy from Hold at Jefferies

Jefferies analyst Joseph Gallo upgraded Okta (OKTA) to Buy from Hold with a price target of $125, up from $90, as part of its 2026 software outlook. Okta has a “significant opportunity” as it attempts to build out a complete identity platform and capture growing agentic demand, the analyst tells investors in a research note. The firm believes the stock’s value dislocation “has become too significant” as the company faces several fundamental catalysts in fiscal 2027 from improved execution, secular agentic tailwinds, and potential for positive estimate revisions.