10:59 AM EDT, 09/29/2025 (MT Newswires) -- Okta ( OKTA ) could outperform its financial projections amid product portfolio enhancements and growing customer interest, Oppenheimer said in a Monday client note.

Following the company's Oktane investor summit last week, the brokerage said it has become more bullish on Okta's ( OKTA ) product roadmap.

Oppenheimer analysts, including Ittai Kidron, highlighted an evolving product portfolio of the cloud-based access management platform, which plans to launch a tool that would manage, secure and govern AI agents next year. Other product announcements include verifiable digital credentials and Okta ( OKTA ) private cloud, according to the brokerage's note.

"Okta ( OKTA ) is managing to quickly evolve its portfolio, adding credibility to its efforts to become a broader platform play," Kidron wrote. "This, along with revenue upside potential, low investor expectations, and attractive valuation, leaves us bullish."

Most of Okta's ( OKTA ) customers expect to boost their spending on the company's products in the next 12 to 18 months, based an Oppenheimer survey of 15 customers at the investor summit. About two-thirds of the customers were keen on adding at least one new product, the poll showed, according to the research report.

Okta's ( OKTA ) guidance philosophy apparently hasn't changed, Oppenheimer said.

"While guidance no longer considers accommodations for macro uncertainty, it still accounts for risks associated with sales (and go-to-market) evolution," Kidron said. "Field sentiment remains high, channel partnerships are healthy, and new products uptake is positive. As a result, we see the potential for upside to guidance."

In August, Okta ( OKTA ) raised its full-year outlook after posting stronger-than-expected fiscal second-quarter results.

At the time, the company projected fiscal 2026 non-GAAP earnings per share of $3.33 to $3.38, up from the previous range of $3.23 to $3.28. Revenue was pegged at $2.88 billion to $2.89 billion, compared with the previous range of $2.85 billion to $2.86 billion. Analysts surveyed by FactSet currently expect non-GAAP EPS of $3.37 on revenue of $2.88 billion.

Oppenheimer has an outperform rating on the stock, with a price target of $120.

Price: 92.72, Change: +1.56, Percent Change: +1.71