Rubrik price target lowered to $40 from $42 at Wells Fargo

Wells Fargo lowered the firm’s price target on Rubrik to $40 from $42 and keeps an Overweight rating on the shares following quarterly results. The firm notes shares traded down 6% after-hours, though the company outperformed guidance and expectations across all metrics. Rubrik continues to make progress toward a positive contribution margin and free cash flow, which are the drivers of valuation.