Credit Suisse Raises Price Target on CommVault Systems (CVLT), Strong March Quarter

Credit Suisse is reiterating its Neutral rating on shares of CommVault Systems (NASDAQ: CVLT) and is raising its price target from $24 to $30 following a strong March quarter.

The company released its Q4 results with $89.6 million in revenue and EPS of $0.25, which was ahead of the Street's expectations of $84.4 million and $0.23. Operating margin also beat the Street's estimate of 19.1% by .3%.

The firm notes that the revenue upside is due to the Simpana 9 adoption, , increased momentum with enterprise accounts, and the improving macroeconomic environment.

CVLT intends to continue investing in hiring enterprise sales reps and expand its distribution channels, which could limit margin expansion in the near term.

Credit Suisse is raising its 2012 revenue estimate from $357.7 million to $359.7 million and is maintaining its EPS estimate of $0.86.

For more ratings news on CommVault Systems click here and for the rating history of CommVault Systems click here.

Shares of CommVault Systems closed at $39.20 yesterday.

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