Rubrik initiated with an Overweight at Barclays

Barclays analyst Saket Kalia initiated coverage of Rubrik with an Overweight rating and $41 price target. Rubrik is disrupting a $12B fragmented data protection market that is becoming more security driven, the analyst tells investors in a research note. The firm says security add-on tools can expand Rubrik’s total addressable market, deal sizes and recurring revenue.