Jefferies Raises Price Target on Commvault Systems (CVLT) After Visiting with Management
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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."
Shares of CommVault Systems closed at $52.11 yesterday.
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