SailPoint initiated with a Buy at Truist

Truist analyst Joel Fishbein initiated coverage of SailPoint (SAIL) with a Buy rating and $29 price target SailPoint has expanded from its roots in Identity Governance and Administration to a full suite of Identity, Data Access, Cloud Infrastructure Entitlements Management and Machine Identity solutions, notes the analyst, who views the company as well-positioned to capitalize on the growing importance of IGA. SailPoint’s ability to manage all identity types from employees, non-employees, and machines in a variety of deployment environments and its increasing number of use cases and high recurring revenue have positioned it strongly for durable growth, the analyst tells investors.