Rubrik downgraded to Neutral from Outperform at Mizuho

Mizuho downgraded Rubrik (RBRK) to Neutral from Outperform with a price target of $86, up from $75. The firm believes the company’s “intense focus” on protecting and operationalizing data, along with its “best-in-class ransomware defenses,” has enabled it to separate from most legacy and next-generation vendors in the space. Mizuho also believes Rubrik is positioned to continue to benefit from other important growth drivers, such as protecting additional software-as-a-service applications and data sources. However, with Rubrik shares having appreciated 65% since its 2024 listing and 29% year-to-date, and with the shares at all-time highs, the stock is now fairly valued, contends the firm.