SailPoint (SAIL) offers differentiated technology and is well-positioned to fill a critical role in AI agent identity security, Oppenheimer said in a note Wednesday.

While real-time agentic protection is still emerging, SailPoint's installed base, connector library, and existing customer relationships position it to benefit as AI agent identity security scales, according to the note.

The brokerage believes the company can achieve its $2.1 billion fiscal 2029 annual recurring revenue target by its existing portfolio alone, with potential for upside as AI security scales.

The brokerage said strong management execution could drive share appreciation despite Thoma Bravo's 85% stake weighing on SailPoint's valuation. If the valuation discount compared with peers persists, strategic buyers may emerge, according to the note.

The brokerage said a higher valuation is warranted given expectations for sustained growth of more than 20% across multiple years, while peer average growth moderates to about 14% by 2027.

Oppenheimer initiated coverage of SailPoint with an outperform rating and a price target of $30.

Price: 19.75, Change: -0.16, Percent Change: -0.83