UPDATE: Wells Fargo Starts Tenable (TENB) at Overweight
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(Updated - October 4, 2021 4:21 PM EDT)
Wells Fargo analyst Andrew Nowinski initiates coverage on Tenable (NASDAQ: TENB) with a Overweight rating and a price target of $60.00.
The analyst comments "We are initiating coverage of TENB with an Overweight rating and $60 price target, which is based on 8.7x EV/CY23E Sales. Our rating reflects a strong demand backdrop, with a number of market factors driving accelerated demand for Tenable’s Vulnerability Management solutions. We view Tenable as well positioned to capitalize on this sizeable market opportunity given its broad portfolio of products and superior technology. This should help translate into higher win rates and continued share gains from both legacy and next-generation vendors. We believe this combination of factors should also fuel strong growth for the next 2-3+ years. At the current valuation, we believe Tenable's competitive positioning, attractive growth profile, and improving profitability are being overlooked by investors, and we expect a combination of higher estimates and multiple expansion to move shares higher."
Shares of Tenable closed at $46.63 yesterday.
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