SailPoint initiated with a Buy at BofA

BofA initiated coverage of SailPoint (SAIL) with a Buy rating and $27.50 price target The company underwent two significant transitions after going private in 2022 – migrating from a perpetual licensing model to recurring revenue and expanding from its core Identity and Governance Administration segment into the broader Identity Security market – the analyst noted. Multiple tailwinds for the Identity Security vendor could drive greater than 20% revenue growth, BofA argues.