Group 1 - Okta's stock dropped 12% after the company provided cautious earnings guidance, which was perceived as a result of "overly high expectations" from investors [1] - Morgan Stanley maintained an "overweight" rating on Okta with a target price of $123, noting that while Q1 metrics exceeded expectations, the guidance for Q2 and fiscal year 2026 was less optimistic due to macro uncertainties [2] - Wells Fargo reiterated a "hold" rating with a target price of $110, citing a solid Q1 performance but a conservative Q2 guidance that fell short of market expectations [3] Group 2 - Jefferies maintained a "hold" rating but lowered the target price from $135 to $130, indicating that while Okta's remaining performance obligations (cRPO) grew 14% year-over-year, it did not meet the high expectations of investors [4] - Analysts noted that Okta's Q2 cRPO guidance was 1% below market expectations and unexpectedly suggested a potential sequential decline for the first time since the company's IPO [4] - On a positive note, Okta's profit margins exceeded expectations, and the company raised its fiscal year 2026 free cash flow guidance to approximately 27% [4]