Okta upgraded to Overweight from Equal Weight at Morgan Stanley

Morgan Stanley upgraded Okta (OKTA) to Overweight from Equal Weight with a price target of $97, up from $92. The firm says that while positive on long-term tailwinds in security, it is being more selective into 2025 given a “stable but still tough” spending environment, less favorable U.S. fiscal backdrop and valuation premium versus broader technology. It upgrades Okta believing the demand environment is stabilizing, competitive headwinds appear to be easing, and newer product cycles are begining to take hold.