Shares of cybersecurity stock Tenable (NASDAQ:TENB) nosedived today, which may be attributed to analyst comments from Dan Ives of Wedbush. Although reiterating his Buy rating, he slashed his price target from $51 to $45 per share.
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Ives cited weak billings and guidance as a reason for the lower price target, calling it a “tough pill to swallow.” However, he believes that the stock’s risk-to-reward ratio is very attractive, as the company has a strong pipeline and will likely recover from a softening sales cycle.
Overall, Wall Street analysts have a consensus price target of $49.82 on TENB stock, implying over 34% upside potential, as indicated by the graphic above.
