Morgan Stanley upgraded SailPoint (SAIL) to Overweight from Equal Weight with an unchanged price target of $25. The firm believes the company is positioned well to to sustain 20%-plus annual recurring revenue growth as it benefits from software-as-a-service migration tailwinds and capitalizes upon an “attractive” legacy displacement opportunity. SailPoint’s valuation discount versus peers does not reflect the company’s growth opportunity, particularly with the share lock-up now expired, the analyst tells investors in a research note.
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