Rubrik initiated with an Overweight at Piper Sandler

Piper Sandler initiated coverage of Rubrik with an Overweight rating and $42 price target. The firm calls Rubrik one of its top ideas. The company provides a cloud-based data protection and management platform, the analyst tells investors in a research note. The firm says next-generation vendors are replacing legacy vendors, and tailwinds like ransomware, artificial intelligence and backup-as-a-service are driving shifts to vendors like Rubrik. It sees the company growing 20% per year sustainably, “at an attractive valuation today.”