Okta upgraded to Buy from Neutral at BTIG
BTIG analyst Gray Powell upgraded Okta (OKTA) to Buy from Neutral with a $280 price target. Recent field checks indicate demand trends in the broader identity market should improve in 2021 from 2020, due mainly to strength in customer identity initiatives, Powell tells investors in a research note. In addition, feedback on Okta's Auth0 acquisition was positive, says the analyst. Powell came away from recent discussions less concerned on the competitive threat from Microsoft (MSFT) and now has a higher degree of confidence in forecasts for Okta. The Street is currently estimating 30% year-over-year billings growth for Okta in fiscal 2022, and in an upside scenario, the company could grow at a high 30% pace, says Powell.