- Morgan Stanley analyst Hamza Fodderwala upgraded Okta Inc (NASDAQ:OKTA) to Overweight from Equal Weight with a price target of $315, up from $275, implying a 30.5% upside, as the analyst assumed lead coverage of the stock.
- An improving demand environment and more buy-in with developers should drive more robust growth and upside in estimates, contends Fodderwala.
- Fodderwala notes enterprises are shifting a significant portion of security budgets towards Identity and Access Management, or IAM, where Okta is the “market leader.”
- With businesses refocusing on more significant, strategic initiatives to modernize their IAM infrastructure, Fodderwala believes growth is now stabilizing and should prove more durable than the consensus view as demand improves.
- Price Action: OKTA shares traded lower by 2.46% at $235.52 in the market session on the last check Tuesday.
Piper Sandler Initiates Coverage On Affirm Holdings with Neutral Rating, Announces Price Target of $127
Piper Sandler analyst Kevin Barker initiates coverage on Affirm Holdings (NASDAQ:AFRM) with a Neutral rating and announces Price Target of $127.
