Commvault initiated with a Buy at DA Davidson

DA Davidson initiated coverage of Commvault Systems with a Buy rating and $85 price target. The company provides “industry-leading” data protection solutions that are well suited for complex, hybrid enterprise environments, the analyst tells investors in a research note. The firm says Commvault’s subscription-based term license annual recurring revenue is growing at “healthy rates” excluding perpetual migrations despite a slow growing on-premise market. It views the shares as undervalued at current levels.