Rubrik price target raised to $108 from $105 at Guggenheim

Guggenheim raised the firm’s price target on Rubrik (RBRK) to $108 from $105 and keeps a Buy rating on the shares. Macro uncertainty hasn’t impacted the need for Cyber Resiliency, as Rubrik’s total New ARR grew 29% and Subscription ARR grew 27%, the analyst tells investors. Both of these came against difficult comps and were “much better than most Security names,” while revenue growth accelerated again to 49% growth, 7% above consensus, or 5% excluding the few points attributed to more upfront revenue than anticipated, the analyst added.