Rubrik Inc (RBRK) PT Raised to $95 at Rosenblatt

Rosenblatt analyst Blair Abernathy raised the price target on Rubrik Inc (NYSE: RBRK) to $95.00 (from $90.00) while maintaining a Buy rating.

The analyst commented: "Rubrik reported a solid beat and raise Q1 results (ending April 30th), beating the high-end of all metrics with top-line growth of 39% (vs 46% in Q4), ~6% above our revenue estimates, driven by strong demand for Rubrik’s Cyber Resilience platform, with Subscription Revenue growth of 41% Y/Y. Total Revenues grew 43% adjusting for non-recurring material rights revenue and maintenance conversions. Total subscription ARR of $1.57b was up a healthy 32% Y/Y (was 34% in Q4) despite the challenging macro and was ~1% ahead of our forecast (Net New Subscription ARR was $103m in Q1). Rubrik Agent Cloud is seeing good early customer take-up, although immaterial to results at this point. With the results and ongoing momentum from its Identity offering (now driving $50m ARR after a year), Rubrik increased its FY27 revenue outlook to $1,638-1,648m (~2% above prior consensus) up ~25% Y/Y, also ~3% above our prior $1,602m estimate, driving FCF of $293-$303m. With the Q1 outperformance and better FY27 outlook, we are marginally raising our estimates for FY27-28 and increasing our target price to $95 (was $90), based on FY28e."

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