Jefferies Downgrades Okta to Hold, Raises Price Target to $95
Portfolio Pulse from Benzinga Newsdesk
Jefferies analyst Brent Thill has downgraded Okta (NASDAQ:OKTA) from Buy to Hold while increasing the price target from $85 to $95. This reflects a more cautious stance on the stock's near-term upside potential, despite a slightly more optimistic valuation.
January 05, 2024 | 11:14 am
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Jefferies analyst Brent Thill downgraded Okta from Buy to Hold, indicating a neutral stance on the stock's near-term performance, but raised the price target to $95, suggesting a belief in the company's value.
The downgrade to Hold suggests that Jefferies does not see significant short-term gains for Okta, which could temper investor enthusiasm and potentially lead to a neutral impact on the stock price. However, the increase in the price target to $95 indicates a belief in the company's fundamental value, which might offset some negative sentiment from the downgrade. The net short-term impact is likely to be neutral as the market digests both pieces of information.
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