Rapid7 price target lowered to $40 from $42 at Piper Sandler

Piper Sandler lowered the firm’s price target on Rapid7 (RPD) to $40 from $42 and keeps a Neutral rating on the shares. The firm notes Q3 results brought another lowering to expectations as large deal elongation drove results modestly below expectations. Growth is expected to dip to 4% to end 2024 and throughout 2025, squarely placing Rapid7 as the lowest growth security name in Piper’s coverage. Focus internally is centered around building on areas of success within the platform to reaccelerate growth, but the firm believes these initiatives will take time to play out.