Analyst Andrew Nowinski of Wells Fargo reiterated a Buy rating on Tenable Holdings, retaining the price target of $40.00.
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Andrew Nowinski has given his Buy rating due to a combination of factors that highlight Tenable Holdings’ potential for growth. One of the primary reasons is the company’s attractive valuation, which, coupled with improved demand trends, suggests a positive outlook for the upcoming earnings report. The continuation of strong large-deal activity, particularly the record number of seven-figure and eight-figure deals, further supports this optimistic view.
Despite some uncertainty related to U.S. Federal spending, the enterprise sector has shown signs of improvement, which is expected to drive modest upside to the consensus CCB estimate. Although management may not fully raise the FY25 guidance due to these uncertainties, the strength in large-deal activity and the adoption of Tenable One are seen as key drivers for potential growth, justifying the Buy rating.
According to TipRanks, Nowinski is a 5-star analyst with an average return of 16.8% and a 55.63% success rate. Nowinski covers the Technology sector, focusing on stocks such as Zscaler, Check Point, and Gen Digital.
In another report released on July 14, TD Cowen also reiterated a Buy rating on the stock with a $45.00 price target.