Commvault price target raised to $86 from $72 at Lake Street

Lake Street raised the firm’s price target on Commvault to $86 from $72 and keeps a Hold rating on the shares. Commvault was “overly conservative” exiting Q2 when it lowered its FY24 subscription revenue midpoint forecast and good Q3 execution has the company taking the full-year number to $422M, notes the analyst, who raised the firm’s estimates for both FY24 and FY25.