KeyBanc last night upgraded Commvault Systems to Overweight from Sector Weight with a $109 price target. The company reported solid fiscal Q3 results, driven by stronger than expected subscription renewals, maintenance, and Metallic, the analyst tells investors in a research note. The firm feels Commvault’s execution is improving and resulting in better sales visibility and margin control, with gross margin likely more stable going forward as Metallic and Commvault Cloud scales further.
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