Scotiabank increased its price target on Rubrik Inc to $114 from $95 and maintained a Sector Outperform rating, citing the data security firm's positioning to capitalize on enterprise AI spending.
The stock last traded at $98.04, giving the company a market capitalization of $20.18 billion. Rubrik shares have gained roughly 50% over the past three months and delivered an 88% return over six months, according to InvestingPro data.
Scotiabank's upgrade reflects expectations that Rubrik's security-first architecture and Identity Resilience business will benefit from heightened corporate demand for AI-ready backup and recovery solutions. The firm also noted that 18 analysts have revised earnings estimates upward for the upcoming period.
Peer firms have also raised their targets. Cantor Fitzgerald lifted its target to $120 from $95, while Oppenheimer set a $120 target, up from $90. Goldman Sachs set a $106 target with a Buy rating, Guggenheim set a $110 target with a Buy rating, and Loop Capital set a $100 target with a Buy rating.
Goldman Sachs highlighted potential for Rubrik's subscription annual recurring revenue to exceed 32% growth, while Guggenheim expects the company to surpass consensus estimates for both subscription and total revenue in its next quarterly report. Guggenheim also anticipates Rubrik will guide third-quarter revenue above expectations and raise its fiscal 2027 revenue growth guidance.
Cantor Fitzgerald cited improved partner checks for the second quarter, and Oppenheimer pointed to strong demand signals from value-added resellers. Loop Capital emphasized cyber resilience as a key growth opportunity.
Analysts also flagged risks. Scotiabank noted that former Rubrik Chief Revenue Officer Brian McCarthy has recruited approximately 30 go-to-market professionals—mostly senior leaders or quota-carrying representatives—to his new employer, Cursor. Elevated hardware pricing and extended lead times were also identified as potential headwinds.
Rubrik is scheduled to report its second-quarter fiscal 2027 earnings on Thursday.
