Rubrik price target raised to $100 from $80 at FBN Securities

FBN Securities analyst Shebly Seyrafi raised the firm’s price target on Rubrik (RBRK) to $100 from $80 and keeps an Outperform rating on the shares. Rubrik reported “strong” Q1 results, with revenue up 49% year over year, billings up 53% y/y, and Recovery Point Objective up 35% y/y, the analyst tells investors in a research note. The company executed well on its land and expand strategy as the number of customers with $100,000 or more in subscription annual recurring revenue hit 2,381, up 28% y/y, while the company’s average subscription net recurring revenue was again over 120%, FBN says.