Rubrik initiated with a Buy at Guggenheim

Guggenheim initiated coverage of Rubrik with a Buy rating and $48 price target, implying 32% potential upside. In Rubrik’s quest to solve the modern backup and recovery problem, it provided the foundation required to solve a pressing problem plaguing enterprises – ransomware, the analyst tells investors in a research note. The firm says this has positioned Rubrik as a “change agent” for the large, but slow-growing backup and recovery market, expanding its scope and relevance, which should support the company’s annual recurring revenue growth in excess of 20% for the foreseeable future.