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Okta hit with 6 downgrades following Q3 earnings: 4 big analyst cuts

Published Nov 30, 2023 08:16AM ET
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Investing.com — Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at Okta, Bilibili, Nutrien , and Nokia.

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Okta downgraded at several firms after Q3

Following the announcement of its Q3 results, which suggested a slowing in revenue growth heading into fiscal 2025, Okta (NASDAQ:OKTA) experienced a series of downgrades by a number of Wall Street firms.

TD Cowen changed its rating for Okta from Outperform to Market Perform, adjusting the price target to $74.00 from the previous $100.00. “OKTA's financial performance is reflecting the impact of recent high-profile breaches involving the company's solutions, and we believe the stock remains range bound until cRPO growth can reaccelerate,” commented the analysts.

Piper Sandler also revised its rating for Okta, moving from Overweight to Neutral and setting a new price target at $75.00, down from $95.00. Wells Fargo downgraded their rating from Overweight to Equal Weight, with a revised price target of $70.00, lowered from $80.00.

KeyBanc shifted its rating from Overweight to Sector Weight. Similarly, Scotiabank cut its rating from Sector Outperform to Sector Perform for Okta.

Shares are currently down more than 3% pre-market today.

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Bilibili hit with two downgrades after a Q3 miss

Bilibili (NASDAQ:BILI) received two downgrades after reporting Q3 results, which missed consensus estimates and sent the shares down more than 11% yesterday, as reported in real-time on InvestingPro.

Barclays downgraded Bilibili to Underweight from Equalweight and cut its price target to $10.00 from $15.00. Meanwhile, Nomura/Instinet cut its rating to Neutral from Buy.

Shares are currently down 2% in pre-market.

Two more downgrades

Exane BNP Paribas downgraded Nutrien (NYSE:NTR) to Neutral from Outperform with a price target of $76.13.

Nokia (NYSE:NOK) shares fell more than 1% pre-market today after JPMorgan downgraded the company to Neutral from Overweight and cut its price target to $4.39 from $5.60.

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Okta hit with 6 downgrades following Q3 earnings: 4 big analyst cuts
 

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Comments (1)
HotGaz Elviz
HotGaZ Nov 30, 2023 2:17PM ET
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Rueters censoring comments?  Say it isn't so.  Another X hit piece, not going to work.
 
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