Rapid7 initiated with an Equal Weight at Stephens

Stephens initiated coverage of Rapid7 (RPD) with an Equal Weight rating and $33 price target The company is undergoing a “multi-year transformation journey” as it looks to extend its business beyond traditional vulnerability management into higher growth and more secularly advantaged areas related to security operations, the analyst tells investors in a research note. The firm believes it is too early to have conviction in growth acceleration. It views Rapid7’s valuation as fair in light of current growth outlook.