SailPoint initiated with a Buy at Jefferies

Jefferies initiated coverage of SailPoint (SAIL) with a Buy rating and $26 price target The company is the market leader in identity and has broadened its platform to also address machine identity, underpinning confidence in 20%-plus annual recurring revenue growth over the next three years, the analyst tells investors in a research note. The firm views SailPoint as a “disruptive innovator in an increasingly important identity market ” and expects it to exceed market growth for the foreseeable future.