SailPoint price target lowered to $23 from $24 at Mizuho

Core Viewpoint - Mizuho has lowered the price target for SailPoint (SAIL) to $23 from $24 while maintaining a Neutral rating on the shares, reflecting a cautious outlook despite strong quarterly performance [1] Financial Performance - SailPoint reported a robust Q3 with a total annual recurring revenue (ARR) growth of 28% and a SaaS ARR growth of 38%, both slightly exceeding expectations [1] - The strong performance is attributed to broad demand and solid cloud-migration activity [1] Strategic Positioning - The company's Identity Governance and Administration (IGA) platform, along with its transition to SaaS, positions it well for long-term average revenue per user (ARPU) expansion [1] - However, the extent of future cross-selling traction remains uncertain, indicating potential challenges in maximizing revenue growth [1]