Citi Upgrades Rapid7 (RPD) to Buy, 'Not Paying Much for Persisting “Self-Help” Momentum'

Citi analyst Fatima Boolani upgraded Rapid7 (NASDAQ: RPD) from Neutral to Buy with a price target of $65.00 (from $54.00).

The analyst comments "We are upgrading RPD from Neutral to Buy as we see a favorable risk/reward tied to increased probability for positive estimate surprises against easy (ARR/NNARR) compares, that will doubly benefit from the company’s efforts in repackaging/pricing/bundling core offerings, that have been seasoning for at least 4 Qs. These aspects, along with FCF improvement runway is being undermined by what we view as undemanding absolute and relative EV/S and EV/FCF multiples, where RPD trades at a sharp discount all-around."

For an analyst ratings summary and ratings history on Rapid7 click here. For more ratings news on Rapid7 click here.

Shares of Rapid7 closed at $52.97 yesterday.

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