Rubrik initiated with an Overweight at Wells Fargo

Wells Fargo analyst Andrew Nowinski initiated coverage of Rubrik with an Overweight rating and $42 price target. Rubrik is gaining share in the $53B backup market, offering relatively high growth at scale, and is approaching positive free cash flow and profitability, the analyst tells investors in a research note. The firm says the increase in ransomware attacks highlights the need for a next-generation backup solution like Rubrik, “which is far superior to legacy solutions.” The company’s time-series architecture and threat hunting capabilities are key differentiators that enable Rubrik to provide true cyber resilience, says Wells.