Commvault assumed with an Outperform at Oppenheimer

Oppenheimer analyst Param Singh assumed coverage of Commvault (CVLT) with an Outperform rating with a price target of $200, down from $210. The firm’s bullish stance looks at Commvault beyond the near-term revenue headwind, and is predicated upon its long-term view that Commvault is a beneficiary of the rising importance of data, which is driving backup storage TAM; benefiting from growing data security breaches and ransomware attacks that are creating new revenue opportunities; and a leading provider of BaaS and DRaaS offerings, and will benefit from the industry shift to as-a-service platforms. Oppenheimer believes these drivers will result in strong new customer additions, existing customer expansion activity, continued market share gains, and 35%-40% SaaS ARR growth over the next three years.