Jefferies Raises Price Target on Commvault Systems (CVLT) After Visiting with Management

September 14, 2016 8:52 AM EDT
Get Alerts CVLT Hot Sheet
Price: $55.10 --0%

Rating Summary:
    9 Buy, 13 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 10 | Down: 6 | New: 2
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Jefferies reiterated a Buy rating on CommVault Systems (NASDAQ: CVLT), and raised the price target to $64.00 (from $60.00), after visiting the company's headquarters with management. Much of our conversation was encouraging. However, Jefferies notes that significant execution risk remains, as CVLT continues to be in a transitionary period back to growth.

Analyst John DiFucci commented, "We recently visited CVLT’s headquarters to meet with CEO Bob Hammer, COO Al Bunte, CTO Brian Brockway, and Director of IR Michael Picariello. We gained clarity on the company’s position today and vision for the future, and while we recognize execution risk remains, we walk away with increased confidence in the company going forward. Maintain Buy; raising PT to $64."

For an analyst ratings summary and ratings history on CommVault Systems click here. For more ratings news on CommVault Systems click here.

Shares of CommVault Systems closed at $52.11 yesterday.

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