Canaccord analyst Richard Davis lowered his price target for SailPoint Technologies to $20 from $29, saying that management "recast" expectations, with Q2 guidance now calling for 14% growth, down from 22% previously, and FY19 appears to be 12% at the midpoint, down from 20%. In a research note to investors, Davis says SailPoint's challenge is in the large enterprise market, where quality and volume of pipeline slowed as the firm made a push in the mid-market, adding that management "took their eye off the ball at the high-end, and execution suffered." Davis maintains a Hold rating for now.