UPDATE: Piper Jaffray Initiates CommVault at Neutral on Margin Visibility

Piper Jaffray initiated coverage on CommVault CVLT with a Neutral rating and a $61 price target. Piper Jaffray commented, "While we believe the upcoming launch of CommVault's Simpana 10 platform should enable the company to maintain (or extend) it's competitive advantage and thereby increase market share, one of the core reasons we are initiating coverage of CommVault with a Neutral rating is the lack of operating margin expansion for the foreseeable future. We would become more positive on shares of CVLT if we saw the adoption of the upcoming Simpana 10 platform gaining traction quicker than expected and if the company's operating expenses, specifically the Sales & Marketing expenses, were brought back in-line with the peer group average." CommVault closed at $60.85 on Thursday.