Rubrik initiated with an Outperformer at CIBC (yesterday)

As previously reported yesterday, CIBC analyst Todd Coupland initiated coverage of Rubrik with an Outperformer rating and $50 price target. Rubrik’s large addressable market in data backup, recovery and security is driven by strong secular trends as cybersecurity risks grow and corporate budgets shift to address them, says the firm, which adds that the company’s “differentiated platform and its proven leadership team are a powerful combination.”