Commvault price target raised to $97 from $86 at RBC Capital

RBC Capital raised the firm’s price target on Commvault to $97 from $86 and keeps a Sector Perform rating on the shares after its Q3 earnings beat. The firm is incrementally more positive following the quarter that saw subscription revenue rise above 50% of total revenue, also citing the emerging opportunity around Commvault Cloud which should better position the company around the concept of cyber resilience, the analyst tells investors in a research note.