Wells Fargo recently upgraded Okta (OKTA) stock to an “Overweight” rating with a price target of $180 per share. This upgrade is important because Okta has faced concerns about slowing growth in recent years. Wells Fargo now believes those concerns may be easing as demand for identity and access management products picks up and Okta continues to make progress on its strategy.
Wells Fargo analyst Richard Poland believes that Okta’s strategy is starting to pay off. The analyst pointed to the company's focus on large enterprise customers, its growing partner network, stronger sales of identity governance products, and renewed focus on Auth0 as key areas showing progress. Let's take a closer look.