Rapid7 price target lowered to $57 from $70 at RBC Capital

RBC Capital lowered the firm’s price target on Rapid7 to $57 from $70 and keeps an Outperform rating on the shares. The company’s Q1 results were “mixed” with annual recurring revenue, ARR, coming in lower than expected, the analyst tells investors in a research note. Rapid7’s slower than expected adoption of Cloud Risk Complete among core customers drove the weak ARR performance and guide down, the firm added.