Rapid7 price target lowered to $8 from $15 at Raymond James

Raymond James lowered the firm’s price target on Rapid7 (RPD) to $8 from $15 and keeps an Outperform rating on the shares. Rapid7 delivered a strong Q1 with upside in growth and margins, but softer forward annual recurring revenue expectations and continued non-core declines highlight a bifurcated business, with Detection & Response strength offsetting Exposure Management weakness, while ongoing free cash flow generation and potential strategic simplification or monetization of non-core assets could support a more focused growth profile and valuation re-rating over time, the analyst tells investors in a research note.