Goldman Sachs resumes its coverage on CommVault Systems CVLT with a Buy rating and a price target of $60.
Goldman Sachs comments, "We resume coverage of CommVault and are adding shares to the Americas Buy list as we see 32% upside over the next 12 months. We expect investors to gain more confidence in growth sustainability and in CommVault's ability to disrupt the $4 bn plus enterprise backup/recovery software market as well as other ancillary storage software markets. We see competitive fears that have held back stock performance (despite organic growth accelerating from 16% to 29%) as overblown."
CVLT closed at $45.48 on Tuesday.
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