Morgan Stanley analyst Hamza Fodderwala downgraded Tenable (TENB) to Equal Weight from Overweight with a price target of $47, down from $50. The firm says that while positive on long-term tailwinds in security, it is being more selective into 2025 given a “stable but still tough” spending environment, less favorable U.S. fiscal backdrop and valuation premium versus broader technology. It cites pricing pressure in Tenable’s core Vulnerability Management market and the company’s significant exposure to the U.S. public sector for the downgrade.
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Read More on TENB:
- Tenable Holdings Navigates AI Integration Risks Amid Regulatory and Ethical Challenges
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- Tenable Holdings Reports Strong Q3 2024 Growth
- Tenable raises FY24 EPS view to $1.21-$1.23 from $1.16-$1.19
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
