Stifel Raises Price Target on Commvault Systems (CVLT) Following User Conference

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."

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 $55.04 yesterday.

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