Rapid7 price target lowered to $7 from $9 at Scotiabank

Scotiabank analyst Patrick Colville lowered the firm’s price target on Rapid7 (RPD) to $7 from $9 and keeps a Sector Perform rating on the shares. The company reported Q1 results in which ARR and margins were fair, but management expecting another sequential ARR decline in Q2 is disappointing, the analyst tells investors in a research note. The firm added that Rapid7 is “undoubtedly a formidable company,” but ultimately, until it can prove an ability to return to sustainable topline growth, Scotiabank will remain on the sidelines.