KeyBanc analyst Eric Heath raised the firm’s price target on Rubrik (RBRK) to $117 from $113 and keeps an Overweight rating on the shares. The firm cites a solid Q2 ARR beat by $27M, if slightly below the $30M-plus the last several quarters, and some benefit from early renewals/expansions. EBIT and free cash flow significantly beat by $54M and $61M, respectively, KeyBanc points out. The firm continues to see strong tailwinds in the data protection market, consistent with its Cyber Resilience Spotlight Series, with Rubrik exhibiting strong execution.
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