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Rapid7 (NASDAQ:RPD) jumped 4% on Monday after UBS upgraded shares in part to its focus on security service offerings.
The bank increased its rating to Buy from Neutral and its price target to $70 from $53.
Company spending on cybersecurity efforts is expected to increase in 2024 amid an ever-evolving threat landscape, analysts at Susquehanna said in a note last month. Rapid7’s peers include Crowdstrike (CRWD), Akamai (AKAM) and SentinelOne (S).
Rapid7 is slated to report its fourth-quarter results on February 7 after the close. A consensus of analysts expects the company to earn $0.48 per share and $201.43M in revenue.
The market appears bullish on Rapid7 as it has a BUY rating across the board, including Seeking Alpha authors, Wall Street analysts, and Seeking Alpha’s quant system.
