Mizuho Securities analyst Abhey Lamba reiterated a Buy rating and lifted its price target on CommVault Systems (NASDAQ: CVLT) to $56.00 (from $50.00) following results.

Lamba commented, "Commvault reported better than expected revenue and EPS while license revenues were modestly below. More importantly, management sounded positive about its prospects for rest of the year and indicated that F2Q17 is off to a strong start. Management blessed consensus for the full-year while indicating that its internal plan is higher. We reiterate our Buy rating and raise our PT to $56 from $50 as continued execution could help the multiple move higher."

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Shares of CommVault Systems closed at $49.07 yesterday.