SailPoint initiated with an Overweight at Piper Sandler

Piper Sandler initiated coverage of SailPoint (SAIL) with an Overweight rating and $30 price target The firm believes “multiple factors” will underpin strong identity demand, and that SailPoint’s dominance will allow it to take further share in coming years. This opportunity coupled with “nascent” growth drivers in machine identity are not fully reflected in the model, setting the stage for revisions and multiple upside, the analyst tells investors in a research note.