CommVault Systems (CVLT) PT Lowered to $185 at KeyBanc

KeyBanc analyst Eric Heath lowered the price target on CommVault Systems (NASDAQ: CVLT) to $185.00 (from $225.00) while maintaining an Overweight rating.

The analyst commented: "Continued Acceleration, Though with Margin Tradeoff; Solid F2Q top-line beat and FY26 guide above, though with some margin tradeoff. F2Q NNARR CC of $47M beat our est. of $40M and accelerated. EBIT margin in the quarter missed by ~1.5pts and FY26 guide was lowered by 1.5pts due to SaaS mix shift and increased investment. We remain positive given the NNARR outperformance and best-in-class growth in the metric for CY25 relative to software peers, though have some increased caution the commentary of high competition with compressing margins may feed the bear concern the legacy replacement market is late innings. Lower PT on lower margins."

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