Scotiabank Downgrades Okta to Sector Perform
Portfolio Pulse from Benzinga Newsdesk
Scotiabank analyst Patrick Colville has downgraded Okta (NASDAQ:OKTA) from Sector Outperform to Sector Perform, indicating a more neutral outlook on the company's stock.
November 30, 2023 | 1:01 pm
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NEUTRAL IMPACT
Okta's stock rating has been downgraded by Scotiabank from Sector Outperform to Sector Perform, suggesting that the analyst sees less upside potential in the stock.
Analyst downgrades typically lead to a neutral or negative short-term impact on the stock price as they suggest the stock may not outperform the market as previously expected. However, the change to 'Sector Perform' is not as bearish as a sell rating, hence the neutral score.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100