Wells Fargo Downgrades Okta to Equal-Weight, Lowers Price Target to $70
Portfolio Pulse from Benzinga Newsdesk
Wells Fargo analyst Andrew Nowinski has downgraded Okta (NASDAQ:OKTA) from Overweight to Equal-Weight and reduced the price target from $80 to $70.
November 30, 2023 | 12:49 pm
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NEGATIVE IMPACT
Okta's stock may face downward pressure after Wells Fargo downgraded the company from Overweight to Equal-Weight and lowered the price target from $80 to $70.
Analyst downgrades typically lead to a negative perception among investors, potentially causing a short-term decline in the stock price. The reduction in the price target further reinforces the expectation of a lower valuation for Okta.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100