Rapid7 price target raised to $55 from $50 at Raymond James

Raymond James analyst Adam Tindle raised the firm’s price target on Rapid7 to $55 from $50 and keeps an Outperform rating on the shares. The "strong" Q4 results and continued traction with expanding ARR/customer were overshadowed by an additional cut to 2023 ARR guidance with pressure to land new logos, the analyst tells investors in a research note. Nonetheless, the firm sees the 2023 ARR target achievable as Rapid7 focuses on expanding ARR/customer by selling more of the platform versus hunting new logos in a challenging environment.