Rapid7 price target lowered to $22 from $28 at Morgan Stanley

Morgan Stanley analyst Keith Weiss lowered the firm’s price target on Rapid7 (RPD) to $22 from $28 and keeps an Equal Weight rating on the shares. Channel bookings represented 90% of new ARR bookings in late 2024, which the firm reads as a sign of “growing success” of the company’s PACT Partner program to improve performance with the channel, but it would look for more traction to see reacceleration, the analyst tells investors.