Commvault price target raised to $80 from $68 at RBC Capital

RBC Capital raised the firm’s price target on Commvault to $80 from $68 and keeps a Sector Perform rating on the shares. The company’s Q1 results outperformed relative to consensus as its cloud-first data protection solutions continue to resonate with customers, the analyst tells investors in a research note. RBC adds that a consistent outlook against building SaaS revenue combined with reallocated go-to-market resources and a growing renewal portfolio should enable Commvault’s subscription revenue growth to accelerate through the year.