Tenable Holdings falls as BTIG downgrades to 'neutral'

Tenable Holdings

10/10/2022 10:59

** Shares of cybersecurity co Tenable Holdings Inc  TENB.O 
down 2.6% at $33 in premarket trading 
    ** BTIG cuts rating to "neutral" from "buy"; says growth in 
TENB's core vulnerability management target market is slowing at
 a faster-than-expected pace
    ** "While we remain bullish on some of TENB's new product
initiatives, we do not think they are big enough to offset this
core market deceleration" - BTIG
    ** Brokerage thinks Street estimates for 2023 are too high
for TENB; reduces its 2023 billings est for co to $905 mln from
$930 mln previously
    ** Avg. rating of 15 analysts is "buy"; median PT is $55 -
Refinitiv data
    ** As of last close, stock fell ~38% this year
 (Reporting by Tiyashi Datta in Bengaluru)
 ((tiyashi.datta@thomsonreuters.com))