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Rapid7 price target lowered to $30 from $35 at Piper Sandler

Piper Sandler lowered the firm’s price target on Rapid7 (RPD) to $30 from $35 and keeps a Neutral rating on the shares. The firm notes Q1 ARR missed street expectations by $4M, resulting in a sequential decline in ARR as multiple 7-figure deals pushed out of the quarter and macro uncertainty impacted midmarket customers. This led to a reduced view of the full-year top-line outlook and reiterated operating income guide, Piper adds.

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