BMO Capital analyst Keith Bachman lowered his price target on Okta to $135 and kept his Market Perform rating, saying that while there was little to "pick on" in its Q3 results, he is lowering his assumed enterprise value to expected revenue multiple from 23- to 24-times to 19- to 20-times given the slowdown in its international business and its rich valuation. The analyst still maintains a positive view on Okta's position to benefit from the ongoing shift to the cloud, adding that its larger new customer wins can offset declines in net retention and total customer adds.