UPDATE: Wunderlich Securities Raises PT on Commvault Systems

According to a research report this morning, Wunderlich Securities raises the PT on Commvault Systems

from $37 to $56 due to the company's historical average PEG multiple. Wunderlich explained, “While we view the company's valuation as rich relative to the FTM estimated outlook, given the recent consistency in upside performance, we believe a premium PEG reflects investor perception that management's outlook is conservative. Applying the company's 2.1x average PEG to its long-term projected growth rate of 21.2% and our NTM projected EPS estimate of $1.26 yields a $56 price target.” Commvault Systems closed yesterday at $54.13 as Wunderlich maintains its Hold rating.