Rubrik Inc (RBRK) PT Raised to $110 at Rosenblatt
Rosenblatt analyst Blair Abernathy raised the price target on Rubrik Inc (NYSE: RBRK) to $110.00 (from $82.00) while maintaining a Buy rating.
The analyst commented: "Rubrik reported solid Q1 results (ending April 30th) with top-line growth of 49%, ~7% above our estimate, driven by strong subscription revenue growth of 54% Y/Y, aided by non-recurring revenue and maintenance conversions. Total subscription ARR of $1,180m was up a healthy 38% Y/Y despite the challenging macro and was 2% ahead of our forecast (net new subscription ARR reached $89m in Q1). The Company is seeing healthy interest in its comprehensive Cyber Resilience platform and plans to continue to expand its product breadth in 2025. Rubrik increased its FY26 revenue outlook to $1,184m (at midpoint) up 33.6% Y/Y and ~2.7% ahead of our prior $1,153m estimate and 30% growth, driving FCF of $65-75m. Post Q1, on the strength of these results despite the difficult macro we are increasing our FY26 and FY27 forecast, and raising our target price to $110 (was $82), based on FY27 estimates."