Rapid7 price target lowered to $39 from $43 at Canaccord

Canaccord lowered the firm’s price target on Rapid7 (RPD) to $39 from $43 and keeps a Buy rating on the shares. The firm said they made steady progress in its Q1 demonstrating solid upside on both product revenue and EBIT. The quarter was defined by familiar challenges of ongoing churn in the legacy VM portion of the business as well as ongoing budgetary tightness in the North American mid-market segment.