William Blair upgrades Rubrik, Inc. Class A (RBRK) to a BuyWe are upgrading RBRK shares following stellar beat-and-raise results. Our rationale is based on: 1) ongoing share gains in the backup/cyber-resilience market, where demand remains robust, driven by new workloads, cloud adoption, and steady data growth; 2) a strengthening platform narrative as customers increasingly adopt Rubrik’s integrated suite of capabilities across data protection, cloud workloads, and identity resilience—this multiproduct expansion is structurally increasing the company’s TAM and broadening its reach across IT, security, and (in the future) AI budgets; 3) exceptional operational execution, with consistent beat-and-raise quarters that we expect to continue into fiscal 2027; and 4) inflection in profitability and cash flow, demonstrating material leverage in Rubrik’s SaaS model as scale efficiencies compound.