The bank initiated coverage on Okta with a buy rating and a price target of $100, which implies 35% upside from Friday's closing price.
Shares of Okta are up 8.7% year to date, slightly outperforming the S & P 500's 7.7% gain. However, the workforce identity software company's stock has dropped more than 48% over the past 12 months.
mountain Okta stock "While Okta stumbled in CY22, 10+ conversations over the past 2 quarters suggest execution is improving and platform direction is resonating," analyst Roger Boyd wrote in a Sunday note. "We see Okta as well-positioned to benefit from continued identity tailwinds, a view supported by checks across the customer and partner community highlighting strong identity spending Intentions [and] detailed [total addressable market] analysis," Boyd added.
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