OKTA - Okta Stock Has 55% Upside According to 1 Wall Street Analyst
2024-03-03 06:50:00 ET
It's been a tough couple of years for Okta (NASDAQ: OKTA) investors. After enduring the worst downturn in more than a decade, the cybersecurity specialist suffered a high-profile security breach in mid-2023. Growth slowed to a crawl, and confidence waned.
However, Okta's quarterly results have vaulted the company back into Wall Street's good graces, and at least one analyst believes there's much more to come.
In the wake of the company's impressive financial results , Bank of America upgraded the stock to buy from underperform (sell) -- a rare double upgrade, according to The Fly. At the same time, BofA analysts more than doubled their price target on the stock to $135, up from $64. For those keeping score at home, that represents potential upside of 55% compared to Wednesday's closing price -- though the stock was up considerably before trading closed on Thursday.
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Okta Stock Has 55% Upside, According to 1 Wall Street Analyst