UPDATE: KeyBanc Upgrades CommVault Systems (CVLT) to Overweight

KeyBanc analyst Alex Kurtz upgraded CommVault Systems (NASDAQ: CVLT) from Sector Weight to Overweight with a price target of $67.00.

The analyst comments "We are upgrading Commvault to OW and introducing a $67 PT that is based on 3.8x FY22 EV/revenue and 25x EV/FCF, based on several catalysts: 1) we expect rep/partner productivity to rebound in FY21 as new leadership implements GTM changes; 2) FY22 consensus new Subscription growth assumes modest growth (we're at 2.9% vs. 18.9% in FY21 due to tough comps); and 3) upcoming AD on January 27 (also earnings) where the Company will likely outline new growth/margin targets. We see a path to $175M+ in FY24 FCF that at 20x would be in the range of ~$80."

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 $58.40 yesterday.

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