** 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 $(IAM.AU)$ 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

(Reporting by Padmanabhan Ananthan)

((Padmanabhan.Ananthan@thomsonreuters.com;))