Rubrik's (RBRK) identity and data recovery products will likely benefit from the Binance and Polymarket breaches as they make recovery spending a budget priority, Wedbush said in a note Friday.
On Thursday, two major hacks affecting Binance and Polymarket were reported by media in different markets in domestic and international territories, Wedbush said.
The increasing frequency of attacks ""widens the set of buyers for whom recovery is a necessity rather than an option, and higher incident costs raise the value of a platform that can prove a clean restore," the note said.
Rubrik's products, including the company's Identity Recovery service, address some of the issues posed by the cyberattacks, Wedbush said.
The investment firm said it expects Rubrik's net new subscription annual recurring revenue and its count of $100K-plus clients to "accelerate over the next two quarters as breach-driven recovery budgets are approved."
Wedbush has an outperform rating and a $150 price target on Rubrik.
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