Rubrik price target raised to $76 from $40 at Wells Fargo

Wells Fargo raised the firm’s price target on Rubrik (RBRK) to $76 from $40 and keeps an Overweight rating on the shares. Rubrik reported another solid quarter with subscription annual recurring revenue surpassing the $1B milestone, the analyst tells investors in a research note. The firm says the company is also demonstrating improved operating leverage, as the subscription contribution margin is now expected to reach breakeven or better in fiscal 2026. It believes the data protection market is beginning to inflect, driven in part by generative artificial intelligence, which should “enable this strong growth and operating leverage to continue to improve.”