Okta OKTA shares rose 1.9% in premarket trading Monday after Wells Fargo upgraded the cybersecurity company to Overweight from Equal-Weight and lifted its price target to $180 from $150, arguing that demand trends, execution and competitive positioning are improving enough to support a stronger growth outlook.

Okta is a cloud-based identity and access-management company. Its software helps businesses securely manage employee and customer logins, authentication and permissions, with revenue generated largely through subscriptions to products including workforce identity, identity governance and Auth0.

Wells Fargo analyst Richard Poland said evidence is building that Okta’s core demand is recovering.

Increasing body of evidence in support of…