SailPoint initiated with a Buy at TD Cowen

TD Cowen analyst Shaul Eyal initiated coverage of SailPoint (SAIL) with a Buy rating and $30 price target The firm views SailPoint as well positioned to “disrupt” a $55B total addressable market opportunity and sustain over 20% annual recurring revenue and profitable growth in the coming years. The company has a “comprehensive” end-to-end platform addressing identity access and governance, and is displacing legacy providers while benefiting from a “myriad of greenfield opportunities,” the analyst tells investors in a research note.