Okta shares are trading lower after Jefferies downgraded the stock from Buy to Hold but raised its price target from $85 to $95.
Portfolio Pulse from Benzinga Newsdesk
Okta's stock is trading lower following a downgrade by Jefferies from Buy to Hold, despite an increase in the price target from $85 to $95.
January 05, 2024 | 2:14 pm
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NEGATIVE IMPACT
Okta Inc. shares are facing downward pressure after an analyst downgrade, which may overshadow the raised price target.
Analyst downgrades typically lead to a negative short-term reaction in the stock price as they suggest a more cautious outlook on the company's future performance. Although the price target was raised, the downgrade from Buy to Hold is likely to have a more immediate impact on investor sentiment.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100