Commvault initiated with a Sector Perform at Scotiabank

Scotiabank last night initiated coverage of Commvault (CVLT) with a Sector Perform rating and $105 price target The firm views the data protection, backup, and cyber recovery market as “fiercely competitive.” Commvault’s future sales growth is at risk of being driven primarily by the monetization of a large installed base rather than more durable new logo momentum, the analyst tells investors in a research note. Scotiabank does not see upside to fiscal 2027 Street targets.