Citi Lowers Rapid7's Price Target to $7 Amid Ongoing Churn and Execution Risks

Citi lowered the price target on Rapid7 (RPD) to $7 from $11.50 and maintained a Neutral rating. The move comes after the company reported Q4 non-GAAP EPS of 44c, above the 42c consensus estimate, with revenue of $217M compared to the $215.17M consensus. Citi cited ongoing go-to-market changes, execution risks, and parts of the business experiencing churn as reasons for the cautious view. Rapid7 provides cybersecurity software and services.