Rapid7 downgraded to Neutral from Outperform at Baird

Baird downgraded Rapid7 (RPD) to Neutral from Outperform with a price target of $45, down from $56. The analyst cites Tenable’s (TENB) Q2 report last night, which highlighted a slowdown in the traditional vulnerability management market, for the downgrade. Tenable flagged elongated sales cycles, tighter budget constraints, and specifically noted that North American enterprises faced large deal slippage, impacting upsells, the analyst tells investors in a research note. The firm says this trend poses a “potentially greater headwind” for Rapid7, given its heavier North America focus, core vulnerability management reliance, and large enterprise dependency.