SailPoint price target raised to $26 from $24 at Mizuho

Mizuho raised the firm’s price target on SailPoint (SAIL) to $26 from $24 and keeps a Neutral rating on the shares after the company reported a “better than expected” fiscal Q1, gave Q2 ARR guidance that was “comfortably above consensus,” and raised its full year outlook. The firm believes SailPoint’s Identity Governance & Administration platform is “in a class of its own” and that a successful transition to SaaS should enable better economics, but adds that the degree of cross-selling success that SailPoint will have in the future “remains uncertain.”