Commvault price target lowered to $185 from $225 at KeyBanc

KeyBanc lowered the firm’s price target on Commvault (CVLT) to $185 from $225 and keeps an Overweight rating on the shares. The firm cites the solid Q2 top-line beat and FY26 guide above, though with some margin trade-off. KeyBanc remains positive given the NNARR outperformance and best-in-class growth in the metric for 2025 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.