Rapid7 (RPD) PT Lowered to $57 at RBC Capital

RBC Capital analyst Matthew Hedberg lowered the price target on Rapid7 (NASDAQ: RPD) to $57.00 (from $70.00) while maintaining a Outperform rating.

The analyst comments "Rapid7 delivered mixed Q1/24 results with ARR coming in lower than expectations and CY/24 guidance being lowered for ARR and revenue while profitability guidance was maintained. Slower than expected adoption of Cloud Risk Complete among core VM customers drove the weak ARR performance and guide down. Rapid7 plans to release an enhanced Cloud Risk Complete offering this summer, resulting in little to no contribution to ARR this year. Maintain OP and lower PT to $57 from $70 on reduced estimates."

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