Okta price target raised to $120 from $115 at RBC Capital

RBC Capital raised the firm’s price target on Okta (OKTA) to $120 from $115 and keeps an Outperform rating on the shares. The company reported another strong quarter as CRPO – Current Remaining Performance Obligation – accelerated to 15% y/y growth vs. guidance of 10% and with Q1 cRPO guidance of 12% looking “conservative”, the analyst tells investors in a research note. RBC adds it has liked the name on a favorable risk/reward skew, but is now turning increasingly positive on the stock as an acceleration story on what seems to be an “inflection quarter”.