UPDATE: KeyBanc Starts Rapid7 (RPD) at Overweight
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KeyBanc analyst Michael Turits initiates coverage on Rapid7 (NASDAQ: RPD) with a Overweight rating and a price target of $135.00.
The analyst comments "Initiating on Cloud-Based SecOps vendor Rapid7 at Overweight. We’re positive on Rapid7 as a cloud-based Security Operations (SecOps) platform providing vulnerability and threat detection, analytics, and response. Rapid7 targets the “resource-constrained” enterprise with highly usable, SaaS-based solutions. We see Rapid7 benefiting in 2021/2022 from the heightened breach environment, workloads shifting to cloud, and the “shift left” in security. Establishing $135 price target (+19% upside) based on 11.2x EV/CY23E revenues and 0.60 EVRG vs. the 20-30% growth group at 13.2x and 0.63 EVRG."
Shares of Rapid7 closed at $113.75 yesterday.
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