Piper Sandler lowered the firm’s price target on Tenable (TENB) to $40 from $50 and keeps an Overweight rating on the shares. The firm says a solid set of Q1 results were overshadowed by a lowered top-line outlook, driven mainly by more prudent U.S. Fed assumptions and more conservative assumptions for broader demand trends. Growth slowing to an expected 7% for the year is clearly not what many were hoping for, but with momentum in large deals, exposure management traction and operating income/uFCF guides being reiterated, Piper thinks there are reasons to be optimistic from here.
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