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Possibly bearish as BTIG downgrades on worries about core market slowdown (NASDAQ: TENB)


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can say (NASDAQ:TENB) shares fell on Monday as BTIG downgraded the cybersecurity company, noting that its core vulnerability management target market appears to be slowing at a “faster-than-expected pace”.

Analyst Gray Powell downgraded his rating on Tenable (TENB) To share neutral to buy, noting that while BTIG is optimistic about the company’s move to new products, that may not be enough to drive revenue.

“While we remain optimistic about some of TENB’s new product initiatives, we do not think they are large enough to offset this core market deceleration,” Powell wrote in a note. for customers.

can say (TENB) shares fell more than 3% to $32.84 in pre-market trading.

Powell lowered his bill growth estimate to 17% year-over-year in 2023, down from 20% previously.

The analyst notes that Tenable (TENB) has benefited from a number of “high-profile” cybersecurity attacks over the past 18 months, including the Sunburst attack in late 2020 and the Log4j attack late last year, prompting companies to spend on cloud services. Vulnerability management service. However, after doing recent channel tests, that growth seems to be slowing down for a variety of reasons.

“Some have argued that vulnerability management has been somewhat commoditized,” explains Powell. “Others say that VM operations at most organizations are more mature today with less room for incremental expansion. And most people emphasize the shift in focus to technologies. other – like attack surface management and [cloud security posture management]. ”

Late last month, Wedbush Securities said Tenable (TENB) will be among the beneficiaries of increased US government spending on cybersecurity.

Analysts are mostly bullish on Tenable (TENB). It has one BUYING Reviews from the authors of Seeking Alphawhile Wall Street analysts rate it BUY STRONG. By contrast, Seeking Alpha’s quantum system, which consistently beats the market, ranks TENB a ORGANIZATION.

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