Okta price target lowered to $75 from $90 at Citi

Citi lowered the firm’s price target on Okta to $75 from $90 and keeps a Neutral rating on the shares. The company reported “respectable” results and guidance despite “self-inflicted challenges,” but deteriorating revenue performance obligation trends and low double digit fiscal 2025 sales “are detracting and distracting forces with several concerning variables,” such as brand reputation impairment and negotiating leverage at renewals, the analyst tells investors in a research note. The firm still sees execution risk at Okta.