Piper Sandler analyst Rob Owens lowered the firm’s price target on Rapid7 to $42 from $45 and keeps a Neutral rating on the shares. The firm says stability was seen in Q2 results after Q1 performance sent guidance lower, but the business continues to face headwinds given a challenging macro environment/VM demand landscape. Some strength shined through with Threat Complete demand, and Piper believes management’s focus on improving the product portfolio is the right move to set the table for longer-term growth. However, with Q2 NNARR down over 60% year-over-year and a strong second half of the year ramp still implying NNARR will be down -46% for the year, it will clearly take time for improvements to show through and meaningful growth to resume, says the firm.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on RPD:
- Rapid7 Ransomware Radar Report Charts Ransomware Group Activity and Methodologies for Fresh Insights
- Rapid7 launches AI-charged Command Platform
- Rapid7 Launches the Command Platform, A Unified Attack Defense and Response Platform That Provides Better Visibility Across The Attack Surface
- Is RPD a Buy, Before Earnings?
- Rapid7 price target lowered to $39 from $46 at JPMorgan