Okta (NASDAQ:OKTA) price target was raised to $105.00 from $100.00 at Jefferies, which reiterated its Buy rating on the stock. This adjustment was made after conducting a thorough analysis of customer identity access management (CIAM), revealing that it presents a major opportunity for growth, and that Okta is the current leader in this field.

Several key takeaways from the note include: (1) the CIAM total addressable market (TAM) is expected to reach $13 billion by 2025, representing a significant greenfield opportunity, (2) Okta is currently leading in developer CIAM mind share, (3) CIAM represents an underappreciated opportunity for subscription upside, and (4) CIAM mitigates some of the long-term Microsoft risk narratives regarding the workforce.