OKTA Path To Upside Is Limited & CSCO To Takeover SPLK

Okta’s (OKTA) brand has “been significantly degraded” following a recent security incident, according to JPM Securities. OKTA was downgraded to market perform from outperform at JPM Securities. The analyst notes that they believe the path to further upside in the stock is limited. Jeff Pierce discusses this, along with Splunk (SPLK) which agreed to an acquisition by Cisco (CSCO) for $157 per share. The CSCO takeover deal is expected to close by the end of 3Q24. Pierce also goes over Roku (ROKU) which was upgraded at Cannonball Research which sees room for upside to fiscal 2024 estimates. He also talks about Pinterest (PINS) where investors are overlooking the company’s structural leverage on sales expenses as third-party ad revenue grows, according to New Street. Tune in to find out more about the stock market today.