Wells Fargo Upgrades Okta Stock Amid Signs of Growth Recovery
Wells Fargo upgraded Okta (OKTA) stock to an 'Overweight' rating with a $180 per share price target. The move comes as the company shows signs of recovery from concerns about slowing growth, driven by increased demand for identity and access management solutions. Okta's second-quarter fiscal 2027 results showed revenue rising 11% year-over-year to $805 million with adjusted EPS at $1.05, exceeding expectations. Free cash flow reached $227 million in the quarter, while remaining performance obligations (RPO) grew by 17% to $4.86 billion. Analyst Richard Poland highlighted Okta's progress in enterprise sales and its expanding partner network as key growth drivers. The company is also exploring new opportunities through AI security solutions.
Topics: identity and access management Okta stock upgrade Wells Fargo