Guggenheim (Buy) raises its Okta (NASDAQ:OKTA) price target by $30 to $23, saying the billings deceleration points to a “slowdown in the business momentum.”
The firm notes that timing created part of the billings issue, and Okta expects the situation to improve in H2.
Canaccord Genuity (Hold, PT from $190 to $210) expecting the remote work tailwind to continue for Okta’s “foreseeable future.”
Okta is “exceptionally well run, uniquely positioned for long-term success, and has a strong balance sheet,” but Canaccord remains on the sidelines due to valuation concerns.
Okta shares are down 3.2% pre-market to $211.50. The stock rallied 89% YTD ahead of the earnings report.
Previously: Okta shares slip despite Q2 upside, raised full-year view (Aug. 27 2020)