Rapid7 initiated with a Neutral at UBS

UBS analyst Roger Boyd initiated coverage of Rapid7 with a Neutral rating and $50 price target. he analyst expects the exposure management subsector market to grow mid-teens in 2023 following 22% and 25% growth in 2021 and 2022, respectively. The analyst thinks “mounting competitive pressures” from endpoint and cloud security vendors could disproportionally challenge Rapid7. The firm believes the shares are fairly priced, reflecting the company’s below-average growth and profitability compared to peers.