Okta rises as KeyBanc upgrades to 'overweight'

Okta

19/12/2024 13:09

** Shares of digital identity verification firm Okta
 OKTA.O  rise 2.1% to $83.1 in premarket trading
    ** KeyBanc Capital Markets upgrades the stock to "over
weight" from "sector weight"; sets PT at $115 
    ** Brokerage's survey suggests improvement in IT budget
outlook, with a growth expectation of 3.9% in 2025 benefiting IT
security companies
    ** KeyBanc notes improvement in OKTA's SBM (server message
block) strength, which allows users to share files, printers,
and other resources over a network
    ** Twenty of 41 brokerages rate the stock "buy", 20 "hold"
and 1 "sell"; their median PT is $101 - LSEG data
    ** Up to last close, stock had fallen 10.1% this year

 (Reporting by Kritika Lamba in Bengaluru)
 ((Kritika.Lamba@thomsonreuters.com))