Wells Fargo upgraded Okta from equal weight to overweight and raised its 12-month price target to $180 from $150, implying 22% upside. The investment bank cited improved execution with large enterprises and growing market share in the identity and access management segment. Okta outperforms Microsoft in this space, where identity services rank as the second-highest investment priority among businesses according to field research. Wells Fargo also sees Okta’s adoption of artificial intelligence as an additional growth driver. The stock has surged 78% over the past three months.
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