KeyBanc lowered the firm’s price target on Rubrik (RBRK) to $113 from $117 on lower peer multiples, while keeping an Overweight rating on the shares following a strong Q3 ARR beat and raise. ARR beat by $27M, consistent with last quarter, and FY26 guide raised $34M. The firm remains positive on the expanding market opportunity for cyber resilience, a still-meaningful legacy replacement opportunity, and Rubrik’s strong GTM execution.
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