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Okta initiated with an Outperform at SMBC Nikko

SMBC Nikko analyst Carson Sippel initiated coverage of Okta with an Outperform rating and $90 price target. The analyst is positive on the company’s efforts to develop the "industry’s most compelling" IAM – or Identity and access management – vision as it is the "undisputed" IAM leader with 29% share. Sippel adds that consensus estimates appear "appropriately reset" following Okta’s decision to withdraw its FY26E targets, and he sees the stock as "attractive", with the company well-positioned to return to a more predictable beat-and-raise cadence.

Published first on TheFly

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