Piper Sandler analyst Rob Owens lowered the firm’s price target on Tenable (TENB) to $35 from $40 and keeps an Overweight rating on the shares. The firm says 2025 proved to be a tough year for its Security & Infrastructure Software coverage, with the average name showing negative performance and only four names outperforming the NASDAQ. Piper is cautiously optimistic for a better year in 2026, with many names entering the year at interesting valuation levels setup well to be longer-term GenAI winners, despite monetization at the software layer not yet occurring at scale.
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