SailPoint rises after rating upgrade at J.P. Morgan

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SailPoint's (NASDAQ:SAIL [https://seekingalpha.com/symbol/SAIL]) stock surged about 7% premarket on Wednesday after J.P. Morgan upgraded the stock to Overweight from Neutral.

The firm has a $26 price target on the shares of SailPoint, which provides identity security solutions.

"SAIL stock has been under pressure ahead of its IPO-related lockup, which expired on August 12, and we see an opportunity with SAIL to own a best-of-breed vendor at a discount as Identity continues to move up the priority stack," said analyst Brian Essex.

The analysts added that they have seen significant share shift across the Identity landscape following an ‘identity crisis’ legacy vendors face as they have not efficiently invested in their platforms to address Identity related risk that is poised to accelerate.

Meanwhile, SailPoint is one of the best positioned ‘best-of-breed’ Identity platforms to benefit from share consolidation with a strong technical moat, solid execution, and exposure to highgrowth emerging demand, according to the analyst.

"We are upgrading SAIL to Overweight as it currently trades at a discount to its high growth Security peers and we see an opportunity for the stock to re-rate higher with best-in-class growth, expanding margins, and improving FCF [free cash flow]," said Essex.

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