Tenable downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley analyst Hamza Fodderwala downgraded Tenable (TENB) to Equal Weight from Overweight with a price target of $47, down from $50. The firm says that while positive on long-term tailwinds in security, it is being more selective into 2025 given a “stable but still tough” spending environment, less favorable U.S. fiscal backdrop and valuation premium versus broader technology. It cites pricing pressure in Tenable’s core Vulnerability Management market and the company’s significant exposure to the U.S. public sector for the downgrade.