Rubrik price target lowered to $80 from $95 at KeyBanc

KeyBanc lowered the firm’s price target on Rubrik (RBRK) to $80 from $95 given lower peer valuation multiples, while keeping an Overweight rating on the shares. The firm says its checks with a few partners were positive, similar to prior quarters. KeyBanc heard some feedback from Rubrik shifting more business to hyperscalers and/or shifting deals to other partners at much lower margin. Recall, Rubrik positively pre-announced “very strong” Q4 results, the firm adds.