Rapid7 (RPD) PT Raised to $60 at Needham & Company

Needham & Company analyst Alex Henderson raised the price target on Rapid7 (NASDAQ: RPD) to $60.00 (from $50.00) while maintaining a Buy rating.

The analyst comments "We think the guide and estimates look beatable as the new feature launches are poised to broaden the demand, increase deal sizes and help drive new feature upsell. Gartner has also been praising Rapid7’s integration with SIEM technologies and we think this is enhancing buyer interest and bolstering the pipeline. Street estimates for the March quarter call for a 28% increase in Revenues, we think they will likely breach 30% growth. With a higher CY1Q, we think Rapid will offer guidance above the CY2Q consensus estimate of 26% growth likely in the 27%-29% vicinity. We think RPD is likely to rally further on the print. We think RPD still has solid upside..."

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