Rapid7 price target raised to $52 from $45 at Canaccord

Canaccord raised the firm’s price target on Rapid7 to $52 from $45 and keeps a Hold rating on the shares. The firm said Rapid7 reported solid results despite weathering sustained macro challenges, with ARR and revenue both slightly ahead of Street estimates. Management also announced a strategic restructuring to streamline operations to focus on selling integrated SOC solutions into the higher-growth areas of Detection & Response and Cloud Security.