SAIL - SailPoint price target more than doubled on ARR growth potential

Citing the durable ARR growth potential, Morgan Stanley upgrades SailPoint (SAIL) from Equal-Weight to Overweight and boosts the price target from $23 to $50, a 26% upside.Analyst Hamza Fodderwala says an "increasingly cloud-based and remote workforce is driving a shift in security demand towards Identity Management," an area where SAIL is a "key beneficiary."The analyst thinks an aggressive SaaS push from management "could drive more significant upside."Fodderwala notes that the Q2 report in August "showed early innings of demand inflection," which should continue into H2 of the fiscal year.SailPoint shares are up 8.9% pre-market to $43.10.Previously: SailPoint, Sally Beauty jump after S&P index moves (Sep. 30 2020)

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SailPoint price target more than doubled on ARR growth potential