SailPoint initiated with an Overweight at Stephens

Stephens analyst Todd Weller initiated coverage of SailPoint (SAIL) with an Overweight rating and $26 price target while also designating shares as the analyst’s “Best Idea.” The firm cites a continued positive outlook for the identity security market, its view that SailPoint is well-positioned as “an identity security market leader and strategic platform provider and the company’s margin expansion potential. While acknowledging that large private equity ownership is “likely to serve as a near-term overhang,” the analyst is opting for a longer-term view and focusing on the “attractive fundamental growth story.”