Jefferies Raises Price Target on CommVault Systems (CVLT)

Jefferies analysts raised their price target on CommVault Systems (NASDAQ: CVLT) from $46.00 to $53.00 while maintaining a HOLD rating on the company.

CommVault Systems is a provider of data protection and information management solutions. They reported results well ahead of estimates with revenue, EPS, and cash flow upside as the company continues to see large enterprise account penetration based on Simpana 9 technology, said a Jefferies analyst.

Shares currently trade at 41x EPS 2013 estimates. The price target change to $53 from $46 is based on 40x 2013 EPS estimates, inline with the two-year historical average valuation.

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 $54.13 yesterday.

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