KeyBanc analyst Eric Heath raised the firm’s price target on Rubrik (RBRK) to $75 from $57 and keeps an Overweight rating on the shares. Rubrik reported another strong beat and raise quarter on annual recurring revenue and margins, the analyst tells investors in a research note. KeyBanc remain positive on Rubrik’s leadership in backup and recovery and expanding data security platform with significant share gain opportunity in the $11B backup and recovery market with its differentiated focus on cyber resilience, while the increasing prevalence and severity of ransomware attacks catalyzes enterprises to modernize off legacy solutions that comprise more than 40% of market share.
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