Rapid7 downgraded to Hold from Buy at Canaccord

Canaccord downgraded Rapid7 (RPD) to Hold from Buy with a price target of $10, down from $27. The company’s fiscal 2026 outlook is well below expectations with revenue implying a 2%-3% decline for the year and annual recurring revenue guidance no longer provided, the analyst tells investors in a research note. Canaccord finds it increasingly difficult to expect a meaningful recovery in Rapid7’s revenue growth in a “dynamic” security operations market.