Stifel Raises Price Target on Commvault Systems (CVLT) Following User Conference
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Stifel reiterated a Buy rating on CommVault Systems (NASDAQ: CVLT), and raised the price target to $68.00 (from $62.00), following the company's Commvault GO End User and Partner Conference.
Analyst Aaron Rakers commented, "Commvault remains one of our top picks – driven by a positive view on fundamental upside (top/bottom-line – revenue growth into mid-teens w/ progression toward 20%+ EBIT%?) and valuation re-rate. This week we attended Commvault’s inaugural end user / partner event, Commvault GO, which hosted a solid ~1,300 attendees. The event reinforced our positive view on Commvault’s Data Platform competitive positioning, alignment with enterprise-scale hybrid cloud data management, expanding partnership ecosystem (e.g., Cisco, Microsoft, Pure Storage, etc.), production positioning / expansion (e.g., SDS, cloud capabilities, etc.), and focus on continuing to expands its platform API openness. We are positive on Commvault’s position as a supplier of heterogeneous (e.g., 17+ types of data supported) enterprise-scalable data management."
Shares of CommVault Systems closed at $55.04 yesterday.
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