Commvault price target raised to $135 from $125 at DA Davidson

DA Davidson raised the firm’s price target on Commvault to $135 from $125 and keeps a Buy rating on the shares. Despite being overshadowed by the recent IPO of Rubrik (RBRK), the competitive dynamics remain favorable for Commvault, and the continued market share gains remain likely, supporting sustained mid-double-digit annual recurring revenue growth, the analyst tells investors in a research note. Commvault’s new Cyber Resilience products also represent a significant cross-sell opportunity and are “striking a chord” with customers, the firm added.