Okta price target lowered to $85 from $100 at Stifel

Stifel lowered the firm’s price target on Okta to $85 from $100 and keeps a Buy rating on the shares. While Okta delivered “a solid print,” with all key metrics above guidance, Stifel and Street estimates, the call was overshadowed by the continued fallout from the recent security incident, which impacted end-of-quarter deal closures, the analyst tells investors. While Stifel expects the fallout around the security incident to take time, the firm believes at current levels “a lot of the bad news is priced in,” the analyst added.