Rubrik price target raised to $48 from $46 at KeyBanc

KeyBanc raised the firm’s price target on Rubrik to $48 from $46 and keeps an Overweight rating on the shares following a strong Q1 ARR beat by $35M, with notable broad-based strength from large deals, including from customers in the healthcare vertical that experienced cyber incidents within the quarter. Q2 revenue and FY25 ARR both guided above. KeyBanc remains positive on Rubrik’s leadership in backup and recovery and expanding data security platform with significant share gain opportunity in the $11B backup and recovery market with its differentiated offering focused on cyber resilience, while the increasing prevalence and severity of ransomware attacks catalyzes enterprises to modernize off-legacy solutions that comprise 50%-plus market share.