Wall Street brokerages cautiously optimistic on SailPoint; shares fall

Shares of cybersecurity firm SailPoint SAIL.O fall 3.5% to $21.2

Wall Street brokerages start coverage of cybersecurity firm SailPoint SAIL.O, broadly bullish, as IPO research quiet period ends

Goldman Sachs starts with "neutral" rating and a $23 PT, 6.7% upside to the stock's last close

Brokerage notes rising competition for SAIL from diversifying rivals CyberArk CYBG.F, Microsoft MSFT.O and Okta OKTA.O, while SailPoint maintains its identity governance and administration (IGA) solutions focus

IGA solutions help organizations manage who has access to what resources, which ensures safety and compliance

TD Cowen starts with "buy" rating and a $30 PT, 36% upside to the stock's last close

Brokerage says SAIL could disrupt the $55 billion identity and access management (IAM) market, potentially replacing under-investing providers IBM IBM.N and Oracle ORCL.N, and Microsoft MSFT.O, which lacks critical IAM components

Morgan Stanley and Goldman Sachs were the lead underwriters for the IPO

Stock has fallen 2.6% since its Nasdaq debut in February