Rubrik price target raised to $70 from $58 at Cantor Fitzgerald

Cantor Fitzgerald raised the firm’s price target on Rubrik (RBRK) to $70 from $58 and keeps an Overweight rating on the shares. Rubrik’s Q3 results saw subscription annual recurring revenue come in 3% of consensus, revenue 8% above, while contribution margins outperformed by 400 basis points and free cash flow margin by over 600 bps, the analyst tells investors in a research note. The firm is positive about Rubrik’s Zero Trust design in time series combining data and metadata as a differentiating factor to approach Data Security and believes Rubrik is poised to gain market share by consolidating legacy or point solution providers while gradually gaining stronger momentum and scale in the accelerating new product categories, especially in being the de facto AI Data Trust layer and Data Security Posture Management offering from the Laminar acquisition.