Takeaways from Investor Day 2026: AI Security Momentum Fuels Mid-Term Targets

研报英文原文证据摘录

Takeaways from Investor Day 2026: AI Security Momentum Fuels Mid-Term Targets

Software: Cybersecurity & Information Security

Tenable Holdings

TD SECURITIES (USA) LLC EARNINGS UPDATE

May 22, 2026

Price: $25.17 (05/21/2026) Takeaways from Investor Day 2026: AI

Price Target: $38.00 Security Momentum Fuels Mid-Term Targets

BUY (1)

ESG SCORE: 60/100

Shaul Eyal THE TD COWEN INSIGHT

646 562 1414

Investor Day 2026 provided fresh insights into TENB's new pricing/packaging and how AI-

shaul.eyal@tdsecurities.com

powered capabilities can enhance Tenable One's value proposition and land & expand

Hugh Cunningham, CFA, CAIA motion. Newly presented FY29 targets anticipate HSD to LDD rev growth alongside consistent

646 562 1370 annual margin expansion. With solid execution, the MT targets could prove to be less

hugh.cunningham@tdsecurities.com

ambitious than initially thought. Reit Buy, $38 PT.

Michael Junghans

646 562 1427 Expanding Attack Surface Triggers Shift to Exposure Management: Despite the ability of AI

michael.junghans@tdsecurities.com frontier models to discover CVEs in a fraction of the time that human analysts require, mgmt

Key Data believes that the widespread adoption of agentic AI represents a massive, multi-year growth

Symbol NYSE: TENB opportunity. It sees the confluence of an explosive increase in CVEs and a collapse in the time-

Beta: 0.88 to-exploit as a trigger event for expecting a more pronounced shift from siloed legacy VM tools

52-Week Range: $35.46-$16.04 to integrated exposure management platforms such as Tenable One.

Market Cap: $2.8B Moat Resides in the Architecture: The platform architecture of Tenable One (~33% of

Net Debt (MM): $61.5 total rev, growing mid-teens) is built on 3 critical layers which mgmt believes are "nearly