Bernstein upgraded Okta (OKTA) to Outperform from Market Perform with a price target of $129, up from $123. The “time is right to get incrementally bullish on Okta,” the analyst tells investors in a research note. The firm says the company continues to demonstrate strong demand and product pipeline to be cross-sold. While Okta continues to cycle its sales strategy, it has demonstrated an ability to really drive sustainable free cash flow margins, contends Bernstein. It sees line of sight to growth acceleration within four quarters, and anticipates margins will continue to expand.
Maximize Your Portfolio with Data Driven Insights:
- Leverage the power of TipRanks' Smart Score, a data-driven tool to help you uncover top performing stocks and make informed investment decisions.
- Monitor your stock picks and compare them to top Wall Street Analysts' recommendations with Your Smart Portfolio
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on OKTA:
- Okta upgraded to Outperform from Market Perform at Bernstein
- Okta CEO: Five of the top ten deals in the quarter were with the government
- Okta price target raised to $92 from $80 at Truist
- Okta price target raised to $105 from $103 at BMO Capital
- Okta price target raised to $96 from $92 at Scotiabank