Piper Sandler lowered the firm’s price target on Rapid7 (RPD) to $19 from $30 and keeps a Neutral rating on the shares. The firm notes Q3 brought modest downside to ARR expectations alongside a de-risked view to Q4 performance, together bringing growth expectations meaningfully lower. With a new CFO joining in December and internal changes being made by the new Chief Commercial Officer, Piper believes this guide down was largely out of prudence rather than being driven by a significant deterioration in demand vs. 90 days ago.
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